Improved Renter Satisfaction and Faster Apartment Searches Among Trends in Canada’s Rental Market: Survey

Rentals.ca has unveiled its Fall 2024 Renter Preference Survey, which gathers insights from 1,486 renters across Canada.

This survey builds on the Inaugural Renter Survey in March, which analyzed responses from 600 renters in Ontario, British Columbia, and Alberta.

With new data from Quebec, Atlantic Canada, and the Prairies, the latest findings offer a view of renter preferences, challenges, and emerging trends across the nation.

The survey revealed that renters satisfied with their current accommodations increased from 25 per cent to 32 per cent, while dissatisfaction dropped significantly from 12 per cent to 5 per cent.

The percentage of renters searching for over two weeks dropped from 57 per cent to 35 per cent, showcasing greater efficiency in finding homes.

A total of 42 per cent of respondents are in a relationship, and 16 per cent have children, signalling continued demand for family-sized rentals.

In British Columbia, renters are making quicker decisions, according to the survey, with search durations over two weeks dropping from 20 per cent to 7 per cent.

Short-term searches rose from 4 per cent to 21 per cent, driven by high motivation and increased rental availability.

In Quebec, first-time renters surged from 14 per cent to 36 per cent, driven by Montreal’s comparatively affordable housing options.

In Ontario, affordability remained critical, with 63 per cent of renters strongly agreeing on the need for more housing, which was up from 28 per cent. According to the survey, Toronto leads the nation in population outflows due to affordability concerns.

The persistent shortage of affordable units remains a pressing concern for renters, with 55 per cent of respondents expressing frustration over the limited availability within their budget range. More than 60 per cent of respondents reported satisfaction with the quality of rental properties they have encountered, despite this challenge.

The survey noted, however, that there’s a clear demand for expanded options, particularly within a price range that aligns with their desired lifestyle in their preferred location.