As of February, Canadians were paying an average of $2,193 a month in rent — a 21 per cent increase (or $384 per month) since the Bank of Canada started raising interest rates in 2022.

A new report by Rentals.ca and Urbanation reveals that rent increased by 10.5 per cent in the past year, which was the "fastest rate of annual growth since September 2023."

Rental increases vary by property type

Even though rent for apartments is up by 14.4 per cent, it's still the lowest at an average of $2,110. Rent for houses went up by 5.3 per cent at an average asking rent of $2,347. Although condos saw the lowest increase at 5 per cent, it’s the most expensive type of property to rent, with a monthly average of $2,372.

The rent for a three-bedroom condo apartment actually saw the lowest increase, at an average of $2,619 (a 9.9 per cent increase), followed by a two-bedroom, which was up by 11.7 per cent, at an average of $2,350.

It was even more expensive to rent a one-bedroom this year, with an average rent of $1,954, which was up by 13.4 per cent. But perhaps more surprising was the fact that studio apartments saw the sharpest rise at 14.8 per cent, with an average rent of $1,589.

The nationwide effect

B.C. and Ontario still top the list with the highest average rents at $2,481 and $2,431, respectively, as of March. But in the past year, they actually showed the "slowest growth" in rental increases, at just 1 per cent and 1.3 per cent.

How average rents compare in provinces across the country as of last month. Graph from Rentals.ca and Urbanation.

Residents in Alberta saw the sharpest increase at a staggering 20 per cent annually as of February: rent for a one-bedroom apartment went up by 20.4 per cent to an average of $1,531, while a two-bedroom apartment costs $1,886, an 18.8 per cent increase.

But if you’re looking for the most affordable place to live in, Saskatchewan might be a viable option.

Although the average rent in the province was up by 15.8 per cent — only second to Alberta — it still has the lowest average rent, and a one-bedroom apartment costs an average of $1,187 and a two-bedroom apartment costs $1,352.

The nation's top 10 priciest places to rent an apartment, per Rentals.ca and Urbanation's February 2024 data.

Perhaps not surprisingly, Vancouver and Toronto are still among the most expensive cities for renters. With rent at a staggering average of $3,017 a month, Vancouver takes the top spot, with Toronto coming in third with an average monthly rent of $2,803.

Despite this, rent decreased by 3.3 per cent in Vancouver and 1.3 per cent in Toronto.

According to the report, Edmonton tops the list with the highest average rent growth at 17.3 per cent at an average of $1,489 monthly.

With rent going up, it's no wonder that the number of roommate listings in four provinces surged by 72 per cent in February compared to a year ago, which leads to the question: how can the average Canadian afford to live?