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

On average, people were asking for $2,181 for all types of homes last month. Compared to February, rents in March were down by 0.6%.

A recent report shows that in March, the rent people were asking for homes in Canada went up by 8.8% compared to last year, but it was lower than in February.

On average, people were asking for $2,181 for all types of homes last month. Compared to February, rents in March were down by 0.6%.

For one-bedroom homes, the average asking rent was $1,915, which is 11.3% higher than last year. For two-bedroom homes, it was $2,295, up by 10.6% from March 2023.

Overall, rents for apartments built for renting purposes went up by 12.7% compared to last year, reaching an average of $2,117. Condo rents averaged $2,321, up by 3.9% from March 2023.

Despite the national increase, rents for purpose-built and condo apartments in British Columbia dropped by 1.9% compared to last year, with Vancouver experiencing a 4.9% decrease to $2,993.