The national average asking rent in May was down 3.3 percent from a year earlier at $2,129, marking the eighth consecutive month of year-over-year decreases.
The monthly report from Rentals.ca and Urbanation said Monday asking rents held steady from April, with a 0.1 percent month-over-month increase.
Purpose-built apartment asking rents declined two percent from a year ago to an average of $2,117, while asking rents for condominium apartments fell 3.6 percent to $2,192.
Rents for houses and townhomes declined seven percent to $2,196.
Urbanation president Shaun Hildebrand said rents have eased in part due to a surge in supply with new apartments being completed, a slowdown in population growth and a heightened level of economic uncertainty….