Average asking rents fall 4.2% in September, marking 24 months of decreases

In September, the typical asking rent for a rental unit in Canada fell by 4.2%, marking the start of a 24-month period of continuous declines. According to a report from Rentals.ca and Urbanation, this represents the longest downturn in the Canadian rental market's recent history. The average asking price for a rental unit in September was $2,034, a decrease of 4.2% compared to the same time last year.

On a monthly basis, rents decreased by $1, from $2,035 in August to $2,034 in September. Shaun Hildebrand, president of Urbanation, attributes the market correction largely to supply. Purpose-built apartment asking rents fell by 2.7% annually to $2,036, while condominium apartment asking rents decreased more sharply by 7.8% to $2,052.