Canadian apartment rents fell again in December, marking a 15th-consecutive month of year-over-year declines nationwide.
Average asking rents for all residential property types dropped to $2,060 in December, down 2.3% year over year and marking the lowest level in about two-and-a-half years, according to the latest Rentals.ca and Urbanation rent report. Rents are now 5.4% lower than they were two years ago, although they remain 14.1% higher than pre-pandemic levels recorded in December 2019.
Urbanation president Shaun Hildebrand said in a news release that demand and supply factors that were pushing rents higher between 2022 and 2024 reversed last year.
“A combination of record-high apartment completions, population growth slowing down, economic uncertainty, and affordability challenges has worked together to push down rents,” Hildebrand said in a press release on Monday.
https://www.connectcre.ca/stories/canadian-apartment-rents-decline-for-15th-straight-month/