Ranking London rental rates

Residential rental rates continue to climb in the city but still deliver value compared to other Canadian centres

Photo: Village West rental apartments at 1355 Commissioners Road West

LONDON CONTINUES TO see rising rents for both one- and two-bedroom apartments, but compared to a ranking of 35 cities across the country, it remains a relatively attractive rental destination.

Rentals.ca, an online apartment rental platform, has released its January 2022 National Rent Rankings report, which is based on data from its monthly listings. 

Story Continues Below

 

London ranks 24th out of the 35 cities, with average monthly rents for a one-bedroom apartment at $1,364 and a two-bedroom at $1,641 for the month of December 2020. That represents a jump of 5.57 per cent over month prior costs for a one-bedroom unit, and an incremental 0.67 per cent jump for a two-bedroom.

For all property types in London, the average rent in December was $1,750, up from $1,517 the year before and $1,290 in 2019, the company’s data shows.

Ranking London rental rates rental Real Estate

According to the report’s authors, the hot housing market and a pandemic-driven increase in GTA buyers has continually pushed rental prices upwards in London throughout the pandemic.

The average rent for all Canadian properties listed on the website in December was $1,789, up 3.8 per cent annually, note the report authors. “This is the fourth consecutive month with a positive annual change in average rent following 16 consecutive months of decline.”

Story Continues Below

 

Vancouver continues to lead the list of 35 cities with the highest average monthly rent for a one-bedroom apartment at $2,132 and a two-bedroom at $2,998. Toronto sits in the second spot, with one-bedrooms costing an average of $2,040 and two-bedrooms coming in at $2,764. Ranking London rental rates rental Real Estate

Share via
Copy link
Powered by Social Snap