Asking rent prices in March up 8.8% from year ago, but down from February: Urbanation

A new report says the asking rent for a home in Canada in March was up 8.8 per cent compared with a year ago, but down from February.

The report by Urbanation, which analyzes monthly listings from the Rentals.ca, says the average asking rent for all home types was $2,181 last month.

On a month-over-month basis, asking rents in March were down 0.6 per cent from February.

Based on the report, the average asking rent for a one-bedroom unit in Canada was $1,915, up 11.3 per cent from a year ago, while the average asking price for a two-bedroom unit was $2,295, up 10.6 per cent from March 2023.

Overall, asking rents for purpose-built rental apartments in March increased 12.7 per cent compared with a year earlier to reach an average of $2,117. Condominium apartment rents averaged $2,321, up 3.9 per cent from March 2023.

The increase in the national average came as the average asking rents for purpose-built and condominium apartments in B.C. fell 1.9 per cent year-over-year to $2,494 as average asking rents in Vancouver moved down 4.9 per cent to $2,993.