More renters across Canada are returning to urban centres, causing rental prices to inch upwards in the majority of markets in April.

The new data from Padmapper is an early sign that major rental markets across the country have bottomed out and are now beginning a steady climb upward after seeing significant price declines in 2020.

Two-thirds of Canadian cities saw rent prices increase in April, according to Padmapper’s May 2021 Canadian Rent Report that was released earlier this month. Of the 24 locations the rental listing website analyzes, prices increased in 16 cities, stayed flat in three, and declined in five.

Padmapper suggests that the shift in pricing may indicate a rebound from 2020, when markets were hit by historic price declines. The report explains that more Canadians are considering moving back to urban markets in order to score lower rental prices and prepare for post-pandemic life as Canada’s vaccine rollout accelerates. This influx of tenants is causing prices to climb.

“As we head into the hot moving season of the summer and fall months, expensive markets especially are likely to see rent price growth as demand is likely to pick up,” said the report.

For the full report continue to read on: www.LIVABL.com