Average London apartment rental rates rise in latest market snapshot

After two months of declines in the average monthly rent for one- and two-bedroom apartments in London, the latest figures for April suggest that trend may be tapering off.

According to a report released by Rentals.ca and Urbanation, landlords in the city last month were asking $1,770 in rent for a one-bedroom apartment, and $2,177 for a two-bedroom unit.

That represents a 0.7 per cent decline from $1,783 and 1.7 per cent increase from $2,140, respectively, compared to March. Compared to April, 2023, the rental prices increased 2.3 per cent for one bedrooms, and 3.6 per cent for two bedrooms.

Average asking rent for bachelor and three-bedroom suites in London during April sat at $1,444 and $2,607 respectively, with all rentals in the city averaging at $2,020 a month. Those represent a one per cent increase during last year for bachelors, five per cent for three bedrooms, and three per cent across all rental types.

London ranked 22 out of 35 Canadian cities for the price of a one-bedroom apartment in April, dropping from 20th in March.

Vancouver topped the list for the most expensive rents in the country, with landlords asking for $2,646 for a one-bedroom and $3,605 for a two-bedroom. Saskatoon boasted the lowest rents, with $1,215 for a one-bedroom and $1,417 for a two-bedroom.

Nationally, rents have increased 32 per cent since the April 2021 low during the pandemic.