Report Suggests Now is the Time for Renters to Consider Moving

A recent Canadian rent report from Zumper indicates declining rents in the country's most expensive markets, making it an opportune time for renters to make a move.

A recent report suggests that now is the perfect time for renters to consider moving, as rents in Canada's most expensive markets are on the decline. According to a Canadian rent report from Zumper, nine out of the ten most expensive markets in the country saw month-over-month decreases in the average rent prices for a one-bedroom apartment in December. The tenth-priciest market, Kelowna, B.C., remained unchanged.

The report noted that most renters tend to avoid apartment hunting during the holiday season due to the challenges of moving in cold and unpredictable weather, as well as juggling travel plans. As a result, the rental market is much less competitive in the winter compared to the rest of the year. Zumper also found that 10,000 buildings on its platform offered move-in specials for the month, and property owners tended to lower prices on units to fill vacancies faster ahead of the holidays.

Overall, the national rent index for a one-bedroom apartment fell by 0.2 per cent to $1,890 per month, marking the first monthly drop since the summer of 2022. The national rent index for two-bedroom apartments only increased by $10 per month to $2,360. Additionally, the year-over-year acceleration in prices is slowing down, with one-bedroom apartments climbing by 10.6 per cent in December, compared to a 13-per-cent hike the previous month.

Vancouver continues to hold the title of the most expensive Canadian city to rent an apartment in, with one-bedroom apartments averaging $2,730 per month. Toronto and Burnaby rounded out the top three at $2,500 and $2,490, respectively. Kingston and Montreal were the only two cities in the top 15 to see month-over-month rent hikes, at 5.8 per cent and 6.3 per cent, respectively, according to Zumper.

The report suggests that renters should consider a winter move if they are looking for a deal, as the rental market is less competitive during this time and prices are showing signs of decline. More!