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Falling rents amid pandemic present opportunity for tenants to negotiate
by Anita Balakrishnan, The Canadian Press
Posted Feb 4, 2021 10:12 am EDT
Last Updated Feb 4, 2021 at 10:14 am EDT
Thanks to the COVID-19 pandemic, tenants in many parts of the country are witnessing something they haven’t seen in years: falling rent prices.
The recession brought about by the virus and governments’ response to it presents an opportunity to negotiate a better place or a better price, if tenants play their cards right, experts say.
Average rent for all property types
across the country was $1,723 in December, down 7.1 per cent from a year ago, based on listings on Rentals.ca, which releases a monthly rental report. The report said that average rent for a 55 square meter (592 square feet) one-bedroom apartment fell 6.4 per cent in the final three months of the year, while average rent for a 74 square meter (796 square feet) two-bedroom apartment fell 3.4 per cent.