Average asking rents down annually for seventh straight month at $2,127: report

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TORONTO — The national average asking rent in April was down year-over-year for the seventh straight month at $2,127, marking a decrease of 2.8 per cent.

The latest data from Rentals.ca and Urbanation says despite asking rents remaining comparatively lower than 2024 so far this year, April saw a month-over-month increase of 0.4 per cent from March, reaching a five-month high.

Urbanation president Shaun Hildebrand says the rental market has shown some early signs of stabilizing, as renters are starting to take advantage of an improvement in affordability “which is thanks to the record amount of new supply hitting the market.”

The report says average asking rents in Canada are 6.2 per cent higher than they were two years ago.

Purpose-built apartment asking rents declined 0.9 per cent from a year ago to an average of $2,105, while asking rents for condominium apartments fell 5.2 per cent to $2,210.

Ontario recorded the largest rent decline in April, with asking rents falling 2.7 per cent to an average of $2,338, followed by Alberta’s 1.8 per cent decrease to $1,716, Quebec’s 1.7 per cent decrease to $1,976 and B.C.’s one per cent decrease to $2,483.