Rental prices climbing in Niagara Falls, with two-bedroom unit rates climbing the most

While rental rates are slightly down in Ontario, one- and especially two-bedroom units in Niagara Falls are seeing year-over-year increases.

According to Rentals.ca and Urbanation’s latest National Rent Report, Niagara Falls–which is generally more affordable than other GTHA cities–is seeing slight increases in rental rates. The city, ranked 28th on the list of 35 Canadian municipalities, boasts one-bedroom units that cost $1,608 a month on average–up one per cent from July 2024 and 0.9 per cent from August 2023. 

The average price of a two-bedroom unit hit $2,089 last month, flat from the previous month but up four per cent from August 2023. 

Nearby St. Catharines is a little costlier for renters. The report says one-bedroom units in the Niagara region municipality cost an average of $1,777 last month, which is down about two per cent from July 2024 and down 6.5 per cent from August 2023. The average cost of a two-bedroom unit hit $2,171 last month–up close to two per cent from July, but down about five per cent year-over-year. 

Rents are up across Canada, but not dramatically. 

According to the report, average asking rents for all residential property types in Canada increased by 3.3 per cent year-over-year last month, reaching an average of $2,187 per month. The slight increase marks the slowest annual rate of rent growth in nearly three years. On a month-over-month basis, average asking rents decreased by 0.1 per cent.

“Rent increases in Canada finally returned to their longer-term average after nearly three years of excessive growth,” said Shaun Hildebrand, president of Urbanation, in the report. 

“This was achieved through a combination of more supply being built, as well as a rollback in demand from population-related changes in government policies.”

While rental rates have fallen in Ontario, the report suggests it’s still one of the most expensive provinces for prospective tenants. While the average rate fell 4.3 per cent, it still sits at $2,390–much higher than the Saskatchewan average of $1,338. 

The report says Toronto saw the steepest decline in prices, with the average rent falling almost seven per cent to $2,697.

The report suggests shared accommodations are in demand, as the average asking rent in the category rose eight per cent to hit $1,011 in August, the highest on record. 

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada.