A new rental report has revealed that the average asking rent in Canada rose 20% in April for all property types to an average of $2,002, compared to $1,662 at the same time in 2021. This means tenants nationwide are spending an additional $340 per month on rent. Year-over-year (YOY) rents have also spiked across the nation.
Provincially, Nova Scotia saw an eye-popping 30% increase in rent for three-bedroom apartments. Nationally, Canadian apartments were the top rental housing type to see significant increases (+12.9% YOY), followed by houses and townhomes (+6.4% YOY), and finally, condos (+3.7% YOY).
One-bedroom apartments and condos clocked in at $2,823 (+15% YOY), and two-bedroom units cost a terrifying $3,816 (+14% YOY) monthly rent as of May. Vancouver takes the cake for being the most expensive city in Rentals.ca’s research. Studio units saw the most considerable year-over-year increase (24%) with a median rent of $2,471.
Toronto maintained the second-highest rent increase in April, with one-bedroom homes coming in at $2,526 (+20.5% YOY) and two-bedrooms at $3,290 (+18% YOY) per month on average. Studio apartments saw the biggest rent increase among apartments and condos, with an average of $1,996 (+21.2% YOY) in May. One-bedroom apartments went up 20% year-over-year as well, averaging $2,538. Rent for three-bedroom apartments saw the lowest increase, staying under Vancouver’s $4,000+ range at $3,791 in May, too.