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. 

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London ranks 24^th 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.

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.”

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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.