Niagara Falls rents surge while national rents continue to decline: Report

Rents in Niagara Falls rose by a rather steep 9.2 per cent in November, bucking a national trend in which rents fell by 3.1 per cent compared to a year prior. Meanwhile, rental prices in St. Catharines and Welland largely held steady. 

That’s all according to a new Rentals.ca report. 

The monthly Rentals.ca National Rent Report includes 60 cities across Canada and has recorded a year-over-year decline in national rents for 14 consecutive months. In fact, national rents have not hit lows not seen since June 2023. 

Out of the 60 cities tracked in the Rentals.ca report, Niagara Region’s major urban centres rank among some of the most affordable in Canada, and certainly in Ontario. In fact, Welland is ranked as the third most affordable major city in Canada’s largest province, after Sarnia and Windsor.

In terms of overall rankings, Niagara Falls ranks as Canada’s 39th most expensive city, St. Catharines comes in at 45th, while Welland ranks 46th. 

That’s a change in rankings for all three cities. Niagara Falls, Welland, and St. Catharines all declined by one spot, indicating they became more affordable compared to other Canadian cities tracked in the report. 

In Niagara Falls, the average rent for a one-bedroom unit was up 9.2 per cent from October to $1,760 and up 0.6 per cent from November 2024.

Two-bedroom units were priced at an average of $1,960, which is down 0.6 per cent from October and down 5.8 per cent from November 2024.

In St. Catharines, the average one-bedroom was up 0.3 cent from October to $1,632 but down 1.7 per cent from November 2024. 

Two-bedroom units were up 0.7 per cent from October but down 1.3 per cent from November 2024 to an average of $1,945. 

In Welland, the average one-bedroom was down 0.5 per cent from October to $1,560 and down 6.2 per cent from November 2024.

Two-bedroom units were priced at an average of $1,795, which is down 0.2 per cent from October and down four per cent from November 2024. 

The report notes that this is the longest stretch of declining rent prices since the COVID-19 pandemic, at 14 months in a row.

“Asking rents for all property types in Canada during November averaged $2,074, the lowest level since June 2023. Rents declined for the 14th month in a row, decreasing 3.1% from a year ago and down 4.6% from two years prior. Compared to November 2023, average rents were $100 per month lower.” 

The report also notes that “affordability issues, reduced in-migration, and weakened consumer confidence have impacted demand in the short term. Meanwhile, record apartment completions are increasing competition for the reduced pool of active renters on the market.”

Out of all the Canadian listings examined in the Rentals.ca report, the average for a zero-bedroom studio for November was $1,580 a one-bedroom was $1,811, and the two-bedroom average was $2,179.

That means rents in all three of the Niagara Region cities looked at in the report fell below the national average. 

The report notes that Atlantic Canada and Saskatchewan saw modest year-over-year increases in apartment rents in November. Everywhere else, however, rents fell, including in Ontario, where rents were down an average of 3.8 per cent to $2,296. 

The five most expensive cities of the 60 examined in the report include two in British Columbia (North Vancouver and Vancouver) and three in Ontario (Oakville, Toronto, and North York). 

The five most affordable cities of the 60 examined in the report include three in Alberta (Fort McMurray, Medicine Hat, and Lloydminster), one in Saskatchewan (Regina), and one in Atlantic Canada (St. John’s). 

The data used in the Rentals.ca analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS). 

The rankings and report are written by real estate research firm Urbanation.

The Rentals.ca Network of ILS’s data covers both the primary and secondary rental markets and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses, and single-detached houses.