Average national asking rents fell nearly 5% in April to $2,027: report

A stock image of a home available for rent.

TORONTO — A new report says average asking rents in Canada have fallen back to similar levels from three years ago as April marked the 19th consecutive year-over-year drop.

The latest monthly analysis from Rentals.ca and Urbanation, which is based on asking rents across the former’s listings network, says prices reached an average of $2,027, down 4.7 per cent from April 2025.

However, prices rose 0.9 per cent on a month-over-month basis from March amid typical increased demand during the spring and summer seasons.

Asking rents for purpose-built apartments moved 3.7 per cent lower year-over-year to an average of $2,027, while asking rents for condominium apartments fell 5.6 per cent year-over-year to $2,087.

Urbanation president Shaun Hildebrand says improvement in affordability “should help bring renters into the market who were priced out in recent years,” with average rents now down around $100 from a year ago and 7.4 per cent lower than 2024.

Average rents are still 21.9 per cent higher than the pandemic-era low recorded in April 2021.

This report by The Canadian Press was first published May 7, 2026.