Students face surging rental market ahead of fall return to classes

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The market is seeing the usual influx of first-year students along with upper years swapping homes, but also a wave of people itching for places of their own, after living with their parents when the pandemic struck and classes were remote.

After months of searching, the biology student thought she finally found a place in mid-July, but once she delivered a deposit and signed a lease, she discovered the landlord had taken on too many tenants.

Some of the surge is attributable to a rebound in immigration rates and people returning to city centres for work just as a drop in home sales and prices have spooked some sellers into renting out their properties instead. 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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