Toronto 
The inaugural rental survey by Rentals.ca finds that Canadians are spending a long time looking for rental accommodation that suits their needs.
Credit: Pexels
“Hearing directly from renters is paramount in understanding the perception of the Canadian rental landscape,” said David Aizikov, Senior Data Analyst at Rentals.ca.
“These findings empower renters and landlords alike with the knowledge to make informed decisions, shaping a more dynamic and data-driven rental industry.”
The survey, which gathered insights from over 600 prospective renters across Ontario, British Columbia, and Alberta, unveiled several key findings:
- A significant portion of respondents (26%) are first-time renters, indicating a robust influx of newcomers into the rental market.
- The competitive nature of the market is highlighted by the fact that 34% have been searching for a rental for at least two months, and 15% for over six months, especially in Ontario and British Columbia.
- Alberta’s rental market is also tightening, driven by high levels of interprovincial migration.
- A majority (49%) had moved within the last three years, with many opting to stay in rent-controlled units to avoid the brunt of rental hikes, pointing towards a trend of decreased mobility among long-term renters.
- The survey also found that 69% of respondents are motivated to move due to the unaffordability of their current region, with a notable 19% considering relocation to a new city.
- Price is the leading concern for 63% of those looking for new accommodations, while only 37% prioritize location, suggesting a shift towards affordability over location.
- Despite frustrations over the scarcity of affordable rental options (55%), more than 60% expressed satisfaction with the quality of available rental properties, although there’s a clear call for more affordable housing within desired locations.
Rentals.ca says these insights offer a comprehensive snapshot of Canadian renters’ current sentiments and challenges, highlighting the urgent need for solutions to address affordability and availability in the rental market.
