Yardi's Q3 2024 report shows rent growth decelerating to 6.2%
Yardi Canada has released its Q3 2024 multifamily report, providing an overview of Canada’s apartment market.
The report, which uses anonymized data from 476,000 units across 5,400 properties, highlights slowing rent growth, persistently low vacancy rates, and continued pressures from high housing demand.
Although Canada is experiencing modest economic recovery and a slight decline in inflation, the apartment market remains tight.
Policymakers are facing ongoing challenges in addressing the housing shortage, as the new supply has been slow to meet growing demand.
The report indicates that Winnipeg has become the top trending market for renters, based on new data from RentCafe.com, followed by Saskatoon and Edmonton.
National in-place rent increased by 6.2 percent year-over-year, reaching $1,547, but growth is decelerating.
The vacancy rate rose to 3.2 percent, the highest since 2022, although turnover remains low.
“The Canadian apartment market remains resilient, but the growing gap between housing demand and supply is shaping rental conditions,” stated Peter Altobelli, vice president and general manager of Yardi Canada.
“Although rent growth has cooled slightly, affordability remains a major issue for renters across the country.”
