Affordability concerns still paramount for renters even as prices fall

Shaun Hildebrand, president of Urbanation, joins BNN Bloomberg to discuss Canada's rental trends.

TORONTO — A new survey of Canadian renters says affordability concerns continue to far outweigh all other rental market challenges even after nearly two years of declines in asking prices.

The Rentals.ca poll asked 1,194 renters in major markets across Canada about their current rental search, housing preferences, household composition, income, budget and attitudes toward the rental market.

Around 70 per cent of respondents identified high rent prices as the biggest obstacle in their housing search, while 11 per cent pointed to unsuitable listings and six per cent cited low rental supply.

The survey found that affordability concerns extended across income levels. While higher-budget renters were more likely than other groups to report difficulties finding suitable units or available inventory, high rents were still their top concern.

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“High rent prices remain the dominant challenge by a wide margin,” it said.

“Most renters aren’t moving because they want to; they’re moving because they have to.”

The survey highlighted a disconnect between renters’ budgets and market realities, with 42 per cent of respondents reporting a monthly rental budget of less than $1,500, while Canada’s average asking rent currently exceeds $2,000 per month.

The average asking price in May was down 4.7 per cent year-over-year to $2,029 nationally, according to the latest analysis from Rentals.ca and Urbanation, which is based on asking rents across the former’s listings network.

That marked the 20th consecutive annual decline.

Since reaching a peak of $2,202 in May 2024, average asking rents have fallen 7.8 per cent.

Urbanation had said the Canadian rental market is heading into the peak summer season under a weak economic backdrop, a decreasing population and record apartment completions.

However, the new survey said renters are preparing for costs to remain high, with nearly half expecting prices to either remain unchanged or increase over the next six months, while just one-quarter expect rents to decline.

The survey was conducted via email between May 5 and June 14, with responses collected from those who have used Rentals.ca to search for an apartment throughout the spring.

The Greater Toronto Area had the strongest representation among the sample, along with the rest of Ontario, Vancouver, Winnipeg and Calgary.

Forty per cent of respondents said they are planning to move primarily to find a more affordable place, while 30 per cent expressed a desire for more space and 22 per cent said they are moving for work or school.

The survey also found 36 per cent of recent apartment hunters are only considering rent-controlled units for their next move.

Two-thirds said they would pay more for a unit with in-suite laundry, making it the most sought-after amenity. ​Around 45 per cent said they’d pay more for central air conditioning, 40 per cent for private outdoor space like a balcony or yard and 39 per cent for parking.

Twenty-nine per cent indicated they have used AI tools such as ChatGPT or Google Gemini to assist with their search.

This report by The Canadian Press was first published June 29, 2026.

By Sammy Hudes