Average national rent remained above the $2,000 mark in December, for the second straight month, and the story was similar in the majority of local markets. Rentalsdotca | Urbanation | RentFaster | realestate realestatenews rent rentalmarket
, which put the average rate of annual rent increase for all of 2022 at 10.9%. This was the first year since 2019 in which the national market saw a positive rate of annual increase.
“The Canadian rental market had one of its strongest years ever in 2022, more than reversing any weakness experienced during the pandemic,” said Shaun Hildebrand, President of Urbanation, of the data. “Rental demand is primarily being driven by a quickly growing population that is finding it increasingly more difficult to afford homeownership or find suitable rental housing.
“Provincially, rent growth correlated with population growth,” states the report, adding that Nova Scotia, along with other Atlantic provinces, had the fastest growing populations in 2022, and thus, the greatest rent appreciation.
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