Flat Rents and Record Vacancies In Multifamily

Canada's rental market in Q1 2026, revealing a major shift from growth to stagnation. The main takeaway is that rent growth has essentially stopped nationwide, with some cities experiencing declines. Join us as we go through the Yardi Rental Report 

• Rent growth has flatlined: National rent growth is only 3.2% year-over-year (in-place rents) and new lease rents are up just 0.7%, with cities like Calgary and Toronto seeing negative growth on new leases.
• Vacancies at 5-year highs: National vacancy hit 4.5%, with Calgary at 6.1% and turnover exceeding 40% in some Western markets, giving renters unprecedented leverage.
• Operating costs squeezing margins: Average expenses are $8,000 per unit annually (highest in Ontario at $8,822), making it harder for landlords to maintain profitability as rent growth stalls.

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