Rents in March rose 8.8% year-on-year, but down from February: Urbanization

Canadian home rents rose 8.8 per cent in March from a year earlier, but fell from February, a new report shows.

Rentals.ca's Urbanation report, which analyzes monthly listings, says the median rent for all home types was $2,181 last month.

On a monthly basis, March rents fell by 0.6 percent compared to February.

According to the report, the median asking price for a one-bedroom apartment in Canada was $1,915, up 11.3 percent from a year ago, and the median asking price for a two-bedroom apartment was $2,295, up 10.6 percent from March 2023. .

Overall, asking rents for custom-built rental apartments rose 12.7 percent in March from a year ago to an average of $2,117. Condominium rents averaged $2,321, up 3.9% from March 2023.

Increase in national average The median rent price for custom-built and condominium apartments in B.C. fell 1.9 per cent year-over-year to $2,494, as the average rent in Vancouver fell 4.9 per cent to $2,993.