Average asking rents reached $2,185 in June as growth slows to seven per cent: report

A new report says the average asking rent for a home in Canada reached $2,185 in June, up seven per cent compared with a year ago despite representing the slowest annual rate of growth in 13 months.

The report by Urbanation and Rentals.ca, which analyzes monthly listings from the latter’s network, says average asking rents decreased 0.8 per cent from May — the largest month-over-month decline since early 2021 and atypical compared with usual monthly increases this time of year.

Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,918 in June, up 7.7 per cent from a year ago, while the average asking price for a two-bedroom unit was $2,301, up 9.6 per cent.

Overall, asking rents for purpose-built rental apartments in June jumped 11 per cent compared with a year earlier to reach an average of $2,121.

Meanwhile, condominium apartment rents, which averaged $2,320, were up 2.6 per cent.

The majority of provinces recorded year-over-year increases in asking rents for purpose-built and condo rentals, led by Saskatchewan with a 22.1 per cent gain to reach $1,339. Ontario saw a 1.3 per cent decline from a year ago to $2,382, while rents in B.C. were flat.

This report by The Canadian Press was first published July 9, 2024.

The Canadian Press