Average London apartment rental rates tick up in latest market snapshot (2024)

After two months of declines in the average monthly rent for one- and two-bedroom apartments in London, the latest figures for April suggest that trend may be tapering off.

According to a report released by Rentals.ca and Urbanation, landlords in the city last month were asking for $1,770 in rent for a one-bedroom apartment, and $2,177 for a two-bedroom unit.

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That represents a 0.7 per cent decline from $1,783 and 1.7 per cent increase from $2,140, respectively, compared to March. Compared to April, 2023, the rental prices increased 2.3 per cent for one bedrooms, and 3.6 per cent for two bedrooms.

Average asking rent for bachelor and three-bedroom suites in London during April sat at $1,444 and $2,607 respectively, with all rentals in the city averaging at $2,020 per month. Those represent a one per cent increase over last year for bachelors, five per cent for three bedrooms, and three per cent across all rental types.

London ranked 22nd out of 35 Canadian cities for the price of a one-bedroom apartment in April, dropping from 20th in March.

Vancouver topped the list for the most expensive rents in the country, with landlords asking for $2,646 for a one-bedroom and $3,605 for a two-bedroom. Saskatoon boasted the lowest rents, with $1,215 for a one-bedroom and $1,417 for a two-bedroom.

The report outlines that average asking rents for all residential property types nationally last month increased 9.3 per cent year over year, to reach an average of $2,188 per month.

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“The rental market in Canada has become increasingly fragmented, with expensive cities seeing rents soften and affordable markets experiencing a continued rapid escalation,” Shaun Hildebrand, president of Urbanation, said in a statement.

“Without a sufficient supply response, those affordable markets are at risk of quickly becoming unaffordable, leaving renters nowhere to turn.”

Across the whole province, average asking rents dropped one per cent over last year, while specifically three bedrooms rose four per cent. Across all rental types, the Ontario average sat at $2,404 monthly.

Saskatchewan and Alberta continue to boast the highest annual rent growth, at 18.4 per cent and 16 per cent respectively. B.C. maintains the highest average asking rent for all rentals at $2,507.

Nationally, rents have increased 32 per cent since the April 2021 low during the COVID-19 pandemic, the report states.

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