Listing costs for rental housing noticed an annual improve of 15.4 per cent in September 2022, hitting a median of $2,043, a brand new report has discovered.
It’s the best year-over-year improve in the common rent since April 2019 in accordance with the newest National Rent Report, compiled by Rentals.ca and Bullpen Research & Consulting. Rents in September throughout Canada have been additionally 4.3 per cent greater than the earlier month, the best month-to-month improve since Rentals.ca started publishing its stories in 2018.
The report attributes this most up-to-date improve to the latest completion of recent purpose-built rental flats with bigger and costlier models, in addition to important will increase in rental demand.
“Rental demand has elevated considerably with the continued rate of interest hikes, falling possession home costs and altering post-pandemic preferences,” Ben Myers, president of Bullpen Research & Consulting, stated in a information launch.
Every single province and territory (except Yukon and Nunavut, which weren’t included in the evaluation) noticed common rent rise in September 2022. The highest will increase have been seen in Nova Scotia, the place the common rent rose to $2,453 throughout all property varieties, up 35.5 per cent from the earlier yr. Average rent in B.C. was $2,682, up 31.2 per cent, whereas Ontario’s common rent rose 18.4 per to $2,451.
The most cost-effective leases might be discovered in Saskatchewan, the place the common rent was $1,069 in September. Quebec and Manitoba noticed the smallest year-over-year will increase in common rent. In each of those province, common rent solely elevated 4.7 per cent.
The costliest metropolis to rent in was Vancouver, the place a one-bedroom condo was listed for a median of $2,590 in September. This was adopted by Toronto, the place one-bedroom rents sat at $2,472, and Burnaby, B.C., which had a median one-bedroom rent of $2,292.
London, Ont., had the steepest improve in common rent. The metropolis noticed common rent for a one-bedroom condo improve 38.8 per cent in only a yr. Calgary noticed common rent for a one-bedroom improve 29.0 per cent, making it the town that noticed the second-highest improve.
However, regardless of the will increase, Calgary nonetheless ranks the twelfth most cost-effective metropolis to rent in among the many 35 communities throughout Canada that have been included in the evaluation.
While cities round southern Ontario and British Columbia noticed the priciest common rents, cities in the Prairies have been among the many most cost-effective. A one-bedroom condo in Saskatoon value a median of $980, making it the most affordable metropolis to rent in. Laval, Que., was the most affordable metropolis outdoors of the Prairies, with a median rent of $1,362 for a one-bedroom condo.
However, the report says there are indicators that the rental market may ease, pointing to knowledge that confirmed that pageviews per itemizing on Rentals.ca have declined. The report additionally notes that demand for leases is seasonal and is often decrease from November by way of February.