The average rent in Canada climbed 1% from February to March, according to data from Rentals.ca and Urbanation’s latest report on the subject, registering its first monthly increase since November.
Rents started to accelerate again in the spring, after a brief period of moderation during the winter, reaching $2004 in March.
This represents an increase of 10.8% compared to March of last year.
Asking rents for specialized apartments or condominiums recorded a similar increase of 1.5% compared to February and 10.9% compared to March 2022, to reach an average of $1,937.
Rentals.ca and Urbanation also reported that asking rents have increased by an average of $196 over the past year.
According to them, this indicates that the demand for rental accommodation is far greater than the supply.