The average asking rent for all Canadian properties listed on Rentals.ca in April was $1,675 per month, a decrease of $167 or 9 per cent from $1,842 in April of last year and down 1 per cent monthly. Month over month, average rents in Montreal rents are up 4.1 per cent for a one-bedroom and 2.5 per cent for a two-bedroom, while year over year, average rents for a one-bedroom are up 2.5 per cent and up 8.3 per cent for a two-bedroom.
Since hitting a high of $1,954 in August 2019, the average monthly rental rate has steadily declined — now down $279 from the peak, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
Montreal finished 19th on the list of 35 cities for average monthly rent in April for a one-bedroom home at $1,469 and ninth for average monthly rent for a two-bedroom at $1,995.
Montreal rents average for condo rentals and apartments decreased 2 per cent year over year.
Laval came in 24th for average monthly rent in April for a one-bedroom home at $1,325 and 20th for average monthly rent for a two-bedroom at $1,737.
On a provincial level, Quebec was in the middle of the pack for average rent at $1,623, up 2.9 per cent monthly.
Year over year, average monthly rents in Laval are down 5.5 per cent for a one-bedroom and 3.7 per cent for a two-bedroom.
Although rents have continued to fall on a national basis, they are up regionally and by product type.
Average rental rates increased month over month in British Columbia, Ontario, Alberta and Quebec, suggesting the market might have turned a corner with increased tenant demand.
The third wave of COVID-19 continues to wreak havoc in certain areas of the country, but that has not stopped residents from trying to get into the rental market or tenants from moving for better deals and more space before rents start moving up consistently.
“Despite the continued decline in average rents on a national level, the rental market has started to turn up with rents increasing month over month in most of the largest provinces in the country,” said Ben Myers, president of Bullpen Research & Consulting. “The drop overall in Canada is likely the result of a lower share of listings in Ontario in April compared to March, which we believe is the result of units leasing faster as opposed to more vacant units in the other provinces.
“Even with the prolonged pandemic, there appears to be increased rental demand, but it will take a few months before we declare it a trend and not a statistically anomaly based on a changing composition of listings.”
Anecdotal evidence suggests an increase of furnished apartments for rent, according to many property listing agents. COVID-19 with travel restrictions in place has affected the short-term rental market..
Quebec, British Columbia, Ontario and Alberta have the most offerings of furnished condo rentals and apartments.
In Quebec, the average furnished apartment is listed for 7 per cent more than unfurnished apartments
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada.
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