Renting in Canada has Evolved! 

Explore how renting in Canada has changed, with rising renter share, changing housing types, and shofting rental prices nationwide.

More Canadians Are Renting

Renting isn’t just a transitional stage anymore—it’s becoming the lifestyle. Over one‑third of Canadian households now rent: in 2021 roughly 33.1% of households were renters, up from previous years (Bush, 2025). High home‑ownership costs, rising interest rates, and changing preferences are all playing a part

Shifts in Rental Housing Types

The rental market is evolving not only in numbers, but in form. A major shift: single‑family rentals are growing faster than traditional apartments. For example, SFR households jumped almost 15% nationwide, outpacing multifamily growth (~9.4%). So the “rent an apartment downtown” stereotype is expanding into “renting a house or townhouse in the suburbs”, giving more space, flexibility and choice.

Price Trends and Market Dynamics 

Rental prices soared through 2022‑23. For instance, average asking rents in Canada increased ~9% in 2023, hitting record highs across property types. However, it’s not a one‑way upward line. In recent data, growth is cooling: more supply is coming online and demand is easing in some markets, pushing the national vacancy rate up to ~2.2% in 2024 (from ~1.5% in 2023).

Which means for renters, there'll be more options and slightly more leverage. For rental service providers and property managers, pricing and supply strategy will matter more.

Renting in Canada has transformed, from who rents, to what they rent, to how much they pay. As the rental market evolves, the strategies and expectations of both renters and housing providers are also changing.