Rental markets in major Canadian cities are experiencing easing advertised rents due to increased supply and slower immigration. Average asking rents for two-bedroom purpose-built apartments decreased in four of seven markets, with Vancouver showing a 4.9% drop. Landlords face longer vacancy periods, leading to rent incentives like free rent and bonuses for new tenants. Although rents for occupied units continue to rise, the pace is slower. The rental price gap between vacant and occupied units is most significant in Toronto, where it reached 44% in 2024, while vacancy rates are expected to increase amid slow population growth.
"Purpose-built rental operators are responding to market conditions by offering incentives to new tenants such as one month of free rent, moving allowances and signing bonuses."
"In 2024, the gap in rental prices between vacant and occupied two-bedroom units reached 44 per cent in Toronto, the highest among major cities."
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