According to Padmapper, for the first time since January 2020, one-bedroom rents in both Vancouver and Toronto were flat on a monthly basis. (Though rent prices were still down in the double-digits year-over-year.) These flat rates may be a result of a recent migration of renters who never lived in these pricey cities but wanted to take advantage of the cheap rent and unheard of move-in specials currently being offered. These new renters moving in evens out the overall demand so we aren’t seeing the trend of continuous decline in rent prices anymore.
Hamilton 1 bedroom rents put it at #9 in the top priciest cities.
Hamilton:
Average 1 Bedroom rent is $1,400. Up 2.20% MoM and up 4.5% YoY
Average 2 Bedroom rent is $1,700. Flat at 0% MoM and up 6.9% YoY
St. Catharines:
Average 1 Bedroom rent is $1,310. Up 0.8% MoM and 4.0% YoY
Average 2 Bedroom rent is $1,550. Up 3.3% MoM and 3.3% YoY
Toronto
Average 1 Bedroom Rent is $1,750. Flat at 0.00% MoM and down -22.2% YoY
Average 2 Bedroom Rent is $2,300. Down -2.1% MoM and down -22.0% YoY
Have questions about what the current rental rates where you are? We are happy to help!