The cost to rent an apartment in Kingston, Ont. increased in September, while rental rates continued to drop in Ottawa. The National Rent Report from Rentals.ca and Urbanation shows the average rent for all property types in Kingston was $2,390 in September, up from $2,318 in August. Kingston has the fourth-highest average rent in Canada. The average rent for a one-bedroom apartment in the city was $2,122 in September, up from $2,020 in August. A two-bedroom apartment cost an average of $2,593 a month last month, up from $2,508 in August. “For the second straight month, Kingston had the fastest rising apartment rents, with an annual growth of 19.9 per cent,” Rentals.ca and Urbanation said. In Ottawa, the average rent decreased from $2,226 in August to $2,190 in September. Renters are paying an average of $1,977 for a one-bedroom apartment in the capital, down from $1,981 in August. A two-bedroom apartment costs $2,533 a month to rent in September, down from $2,553 in August. Across Canada, the average asking rent for all residential properties in Canada dropped 3.2 per cent in September to $2,123. “Renters in many parts of Canada are experiencing the best levels of affordability in two years, with the most expensive markets in Vancouver and Toronto seeing rents at their lowest in nearly four years,” Shaun Hildebrand, President of Urbanation, said in a statement. “This is the result of new rental supply outstripping demand, which is unlikely to persist for long as supply from secondary market sources such as condos tightens and demand drivers such as population growth and employment stabilize.” Vancouver has the highest average asking rent in Canada, with rent for all properties at $2,776 a month. A one-bedroom apartment costs $2,501 a month. Toronto has the second-highest rental rates in Canada, with an average asking rent of $2,592 a month, followed by Mississauga at $2,406 a month. In Gatineau, the average asking rent in September was $1,942 a month. A one-bedroom costs an average of $1,701 a month, while a two-bedroom apartment costs $2,108.
