Long-term Rental Market Recap in April 2023

Based on the current market report from Rentals.ca for April rental situation, it is clear that rent is still increasingly ramping up in double digits. These figures reflect a significant increase of $196 in average asking rents over the past year, highlighting the strong demand for rental housing in Canada that is far outpacing supply.

The report is based on the average number of rental units with less than $5,000, not mentioning short-term rentals, single-room rentals, and furnished suites. The data from the Rentals.ca cover basement apartments, rental apartments, condos, townhouses, semi-detached houses, and single-detached houses, which are all unfurnished.

Over the past year, almost all provinces in Canada have experienced double-digit rent growth, with Nova Scotia seeing the strongest increase of 20.8% to an average of $2,167 for purpose-built and condominium apartments. Ontario had the second fastest rent growth at 17.1%, with the average asking rent reaching $2,401 for such apartments. Meanwhile, Alberta and British Columbia had nearly identical annual rent increases of 13.4% and 13.2%, respectively, despite having vastly different average rents of $1,461 (AB) and $2,541 (BC). Quebec and Manitoba also experienced double-digit rent growth in March, with increases of 12.2% and 12.6%, respectively, resulting in average asking rents of $1,839 and $1,463.

Rent for Two-Bedroom Units on the Fasting Rise

For the region in Toronto region specifically, an approximate expense a tenant has to pay for an single room in a shared building is around $1,309 per month. Meanwhile, an average rent for one-bedroom and two-bedroom apartments is $2,506 and $3,286 respectively, regardless of whether the units are all inclusive.

In terms of immigration hot spots in Toronto, Scarborough and Brampton, the rent surges with purpose-built and condominium apartments increasing by 34.9% and 29.1%, respectively, resulting in average asking rents of $2,527 and $2,518. North York in the GTA and Coquitlam in the GVA completed the top five for rent growth in Canada’s mid-sized market with annual increases of 24.1% (at $2,497) and 23.8%, respectively. Meanwhile, among Canada’s mid-sized rental markets, the highest average asking rents for purpose-built and condominium apartments were found in Burnaby ($2,866), Coquitlam ($2,813), and Richmond ($2,636) in BC and Oakville ($2,648), Etobicoke ($2,587), and Mississauga ($2,549) in Ontario. Outside of the Greater Toronto Area, average asking rents were highest in Barrie ($2,362), Cambridge ($2,253), Guelph ($2,196), and Kitchener ($2,195).

What can people benefit from temporary rental?

Temporary accommodations offer numerous advantages over traditional long-term rentals, including greater availability, lower commitment, and convenient locations. Moreover, many temporary accommodation options are fully furnished and require no maintenance. With various sizes and locations available, finding the perfect fit for your needs is effortless. Our temporary rental business requires only a refundable deposit of $250-$500 to secure your stay and ensure that you pay the monthly rent until your scheduled check-out date. We do not require tenants to pay double for the first and last month’s rent, nor do we ask for strict credit checks or lease agreements unless requested by the landlord or tenant. Additionally, we provide fully supported services at the same monthly rate as a long-term rental for stays of up to 30 nights. You can move in with just your belongings and enjoy our hands-on action for any maintenance issues that arise in the unit.

Reference: https://rentals.ca/national-rent-report