Landlords and property managers will look to embrace virtual leasing during the Covid-19 pandemic
The national average rental rate dropped 3 per cent month over month and 3.4 per cent year over year, according to the March National Rent Report from Rentals.ca and Bullpen Research & Consulting.
The average monthly rent in February was $1,823 in Canada as measured by listings data on Rentals.ca.
Windsor finished 28th of 38 cities on the list for average monthly rent in February for a one-bedroom home at $1,125 and 27 for average monthly rent for a two-bedroom at $1,453. The city finished 18th of 19 Ontario cities for affordability for renters. Although Windsor rents are low for Ontario, they have been increasing.
Sault Ste. Marie was 19th for Ontario cities making it the most affordable for renters.
Sault Ste. Marie finished 30th for average monthly rent for a one-bedroom at $1,063 and 33rd for average monthly rent for a two-bedroom at $1,156.
Toronto led all 38 cities on the list for average monthly rent in February for a one-bedroom home at $2,240 and a two-bedroom at $2,910.
Seven other municipalities in the Greater Toronto Area are listed among the 38 cities with six of the seven in the top 11 as most expensive for renters.
Oshawa on the eastern end of the GTA finished 26th on the list for average monthly rent for a one-bedroom home at $1,167 and 18th for average monthly rent for a two-bedroom at $1,789.
North York finished fourth for average monthly rent for a one-bedroom at $1,993 and fifth for average monthly rent for a two-bedroom at $2,425.
Richmond Hill came in fifth for average monthly rent for a one-bedroom at $1,927 and sixth for average monthly rent for a two-bedroom at $2,311.
Mississauga finished seventh for average monthly rent for a one-bedroom at $1,903 and for average monthly rent for a two-bedroom at $2,291.
Burlington came in eighth for average monthly rent for a one-bedroom at $1,707 and 10th for average monthly rent for a two-bedroom at $2,107.
Brampton finished 10th for average monthly rent for a one-bedroom at $1,647 and 15th for average monthly rent for a two-bedroom at $1,944.
Scarborough came in 11th for average monthly rent for a one-bedroom at $1,630 and 13th for average monthly rent for a two-bedroom at $2,037.
Average rent per square foot in certain areas of Toronto in February shows the highest in Yorkville and and Annex at $5.11 per square foot, two of the city’s most exclusive areas. Year over year, the largest increase in average rent per square foot was 4.6 per cent to $4.07 per square foot in South Core and Central Harbourfront.
In the chart below showing asking rents for only rental apartments for February, Toronto is up 16 per cent year over year. Other GTA cities include Etobicoke up 18 per cent; North York up 15 per cent; Scarborough up 14 per cent and Mississauga up 12 per cent.
Montreal tops the chart with a 34% annual change in rent. Saskatoon had the largest annual decline at -17%.
Toronto had the highest average monthly asking rent ($2,332) for rental apartments, with Vancouver close behind ($2,155), while Saskatoon had the lowest ($985).
“Following two years of high rent growth in Canada outside of the commodity-driven markets, rental rates have softened considerably in 2020,” said Ben Myers, president of Bullpen Research & Consulting. “In the face of a global health crisis, the number of people making major life decisions like moving or changing jobs will be significantly reduced, and landlords will have to decide to either lower rents, offer incentives, or simply wait and hope for some return to normalcy in a couple of months.”
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.
The Rentals.ca numbers show vacated properties that better reflect current values. The figures better represent the actual rents a potential tenant would encounter when seeking to rent an apartment.
“Most of us are on disability” haha funny. Have you a clue?
What planet are you from, cheap in the Sault, NOT??
So when the soo see’s this article boy rent will go up again just crazy…..
If you want to see values plummet, wait until the Ferrochrome plant opens!
Rent needs to be lowered people can’t afford these places before Covid now forget it nobody’s working
Yes cause no one wants to live there
Linda Taylor …l would…🥰
Yess but no jobs and wages are lower . so in essence we arw paying more
We finished 19th of 19 in one single category. There are far more than 19 cities in Canada or ontario so don’t take it too heart lol. It’s a pointless statistic.
I disagree rent is not cheap here
Compared to where ??? Toronto ??
I so disagree rents so ridiculous in the sault glad I left I have a cheaper bigger place lol
I have to disagree. It’s ridiculously expensive for what you get. Can’t even get a nice home in a safe neighborhood without paying over 1500 a month . I just got very lucky my mil is my landlady where my rent is cheap. But before that I literally paid $500 for a very tiny bachelor’s downtown.
Can’t afford high rent ODSP give $479 limit shelter costs
William Marty White yeah, you can barely get just a room to rent, and still have to dig into your living allowance to top up your rent. Even worse on OW.
Well with interest rates this low, why rent. The bank is almost paying you to buy!
Jennifer Obreene do you know how hard it is to save up for a downpayment when you’re on a fixed income?
Travis Valois I do!
No one said anything about it not being hard.
I said it would be worth it.
Hard doesn’t mean impossible
Rent is very cheap in the sault.
How do we compare when you take in the average income per city?
It’s cheap because it’s a sh!t hole. 🤣
I don’t call $1000 a month for a one bedroom unit “cheap”
Matthew Frank Kot that’s a great deal. Move outside the sault and you’ll wish you were only paying 1000/month for a 1 bedroom.
Gonna go up now , thanks.
Rent might not be too bad … but utilities are ridiculous !!
That’s pretty sad considering that rent isn’t cheap here 🙄
Erika Anneli it is tho 🤔
Mike DiDo if you have kids and 1 income, yes, it is
Erika Anneli I can understand that but relative to other places, it is.
People are going to rent for more now that they’ve seen this article😡
these apartments here are old shity not maintained n the landlords here want a pretty penny for a shack
That’s why I moved here. Please don’t get me wrong I am very happy here I love my apartment my new community and my friends I have made. But it pisses me the hell off I had to move so far away from home to be able to get something half decent for less than a $1000 a month
Sault Transit-Unofficial are you nuts? Half this town is over 900 or even more and its usually plus utilities. Most of us are on disability and can just barely make it by !
Diane Marie Harrison Um no I am not nuts where I come from a one bedroom apartment is $1500 plus utilities and that’s in the slums you want something decent it will be nearly $2000 plus utilities. I pay $965 inclusive fully renovated apartment walk out to patio in a very nice neighborhood