TORONTO — When Meaghan Hines moves into a rental apartment ahead of her fifth year at the University of Waterloo in Ontario it will be a massive relief.
Hines’ experience is a sign of a surging rental market, raring back to life after the first two years of the pandemic saw landlords slash rents and offer incentives to keep tenants. Research firm Urbanation recently reported falling vacancy rates in Toronto in the second quarter pushed up the average rent to $2,533 with a record high of $3.57 per square foot, up 5.9 per cent in the second quarter compared with the first.Rentals.ca found average rents in Canada amounted $1,934 in July, an increase of 10.4 per cent since last year and only $20 below the pre-pandemic peak of $1,954 in September 2019.
"I'm going to have to negotiate even harder for a higher salary or look for a co-op that provides more just because I don't think I'll be able to keep up with the rent," he said. "Since I work night shifts, there are times I was there until 4 a.m. and the next morning again, I had to go to school," she said.
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