Rentsync National Rental Demand Report: June 2026

Demand Trends for the Canadian Market

May marked the second consecutive month of effectively flat national rental demand. Active prospect counts declined by -0.1% month-over-month, following April’s marginal -0.2% decline. While markets across Canada are moving through the summer leasing ramp-up, the national trend points to a market that has not yet built the consistency needed to extend the momentum seen earlier in the year.

National demand also softened on an annual basis. Average prospects were down -4.3% compared to the same period last year, as May was unable to maintain April’s rate of demand growth. This does not signal a structural reversal. Instead, it reflects the uneven nature of the current stabilization, with conditions varying considerably across regions and renter segments.

The broader softness in May reflects the continued uncertainty facing many prospective renters. Affordability pressures, broader economic uncertainty, employment concerns, and weakened consumer confidence continue to weigh on renter decision-making and limit mobility. These headwinds have not derailed the gradual stabilization in rental demand observed over the past several months, but they are limiting how consistently demand can build from one month to the next.

Strongest Demand Conditions Remain Concentrated in Select Markets

The national softness was not universal. Within the top 50 markets in demand, active prospects increased by +0.7% month-over-month. The top 10 markets continued to show considerably more strength, with active prospects rising +4.4% month-over-month and +11.6% year-over-year.

These stronger-performing markets are concentrated primarily in British Columbia and Alberta, where demand conditions remain the most constructive nationally. Relative affordability, stronger employment fundamentals, and sustained renter interest continue to support these markets and set them apart from areas where confidence and mobility remain more constrained.

Their performance reinforces the uneven nature of Canada’s current rental demand environment. Select markets are continuing to find firmer footing, while others are still facing resistance that is keeping overall national growth measured.

Breaking Down the Numbers:

National Stats (Month-over-Month):

•  Active Prospects: (-0.1%)
• Active Properties: (-0.4%)
• Prospects per Property: +0.3%
  

National Stats (Year-over-Year):

• Active Prospects: (-4.3%)
• Active Properties: +2.5%
• Prospects per Property: (-6.6%)
  
  

By Market Segment (Active Prospects, MoM):

• Primary Markets: +0.2%
• Secondary Markets: +0.8%
• Tertiary Markets: +1.3%
  

Top Canadian Cities in Demand

Notable Changes in Demand Over the Past Month

Demand conditions across our top markets were essentially flat in April, with activity largely in line with seasonal expectations following March's strong spring surge. Active prospects across our top 50 markets grew by +2.4% month-over-month, while available properties maintained a similar albeit lower trajectory growing by +1.4% month-over-month, resulting in a slight improvement in average prospects per property of approximately +1.0%. The top 10 markets in demand showed considerably stronger activity, with active prospects growing 8.0%, available properties increasing by +1.9%, and average prospects per property increasing by +6.0% month-over-month. All top 10 markets saw increases in active prospect counts in April.
 

Month-Over-Month (M/M)

• Primary: Demand scores are up +2.6%
• Secondary: Demand scores are down -10.2%
• Tertiary: Demand scores are up +5.7%

Month-over-month (M/M):  Within our top 50 markets, demand scores were up +1% in April 2026 compared with March 2026, with primary and tertiary market gains partially offset by softening in secondary markets.

Notable Changes in Demand Over the Past Year

Year-over-year demand comparisons in April mark the most encouraging milestone of 2026 to date. National prospect counts have turned positive up +1.6% annually, and are up +4.3% year-over-year across our top 50 markets in demand. Marking the first month of annualized growth in prospect counts of the past 40 months. The top 10 markets continued to lead the pack with prospect counts increasing by 15.8% year-over-year, available properties increasing by +2.0%, and overall demand scores growing by +62.1% annually.

While strong annual demand score gains are partly influenced by comparison against a weaker April 2025 baseline, rising active prospect counts across multiple segments indicate genuine improvement in underlying market conditions and support a near-term stabilization in rental demand.

Year-Over-Year (Y/Y)

• Primary: Demand scores are up +46.9%
• Secondary: Demand scores are up +43.1%
• Tertiary: Demand scores are up +54.6%
  
  

Year-over-year (Y/Y):  Within our top 40 markets, demand scores are up +54.4% in April 2026 compared with April 2025. Strong annual demand score gains across all market segments reflect a stabilization against a weak prior year period, rather a major acceleration of underlying rental demand.

An Analysis of Key Canadian Markets

To provide a more detailed analysis of the rental demand in specific markets across Canada, we have segmented our market data into 3 key market segments.

• Primary (Populations Over 600K)
• Secondary (Populations Between 235-600K)
• Tertiary (Populations Between 100-235)

Examining these market segments individually offers a deeper understanding of demand patterns within larger population centres, and allows us to identify trends across markets. 

Primary Markets (Populations >600k)

Primary Market Month-Over-Month: May 2026 vs. April 2026

Notable Changes in Primary Markets Over The Past Month

*Overall demand scores are up +2.6% month-over-month, unique prospects are up +1.3%, and properties are down -1.3%.

Primary markets were stable in April, with a modest increase in active prospects offset by a slight decline in available properties, producing an improvement in average prospects per property +2.6%. Six of the top 10 primary markets posted growth in monthly prospect counts, with Calgary and Edmonton as standouts posting the highest monthly growth of all primary markets at +10.0% and +3.2% respectively.

Scarborough extended its lead as the top growing market in Ontario up +6.3%, with North York as a close second with prospects growing by +5.9% monthly.

By contrast Montreal posted the largest month-over-month decline in active prospects of (-13.9%) month-over-month. Montreal's ongoing retreat is tied to a combination of growing market rents and a substantial pipeline of new purpose-built supply entering the market, factors that are expanding renter choice and distributing demand across a growing property base rather than concentrating it on existing stock.

Primary Market Drill Down (Y/Y): May 2026 vs. May 2025

Notable Changes in Primary Market Demand Over The Past Year

*Year-over-year demand scores are up +46.9%, prospects are up +6.2%, and properties are up +3.2%.

Year-over-year comparisons for primary markets in April show meaningful improvement in underlying conditions, with seven of ten primary markets posting annual growth in active prospect counts led by: Vancouver +23.8%, North York +19.5%, Calgary +15.7%, and Edmonton +12.2%. While Toronto and Ottawa posted modest gains in the range of +2–3%, reflecting continued stabilization in their respective markets.

Three primary markets, namely Winnipeg (-14.1%), Scarborough (-20.8%), and Montreal (-13.5%), continued to report annual prospect declines. Montreal's persistent annual softening reflects both the upward pressure of growing market rents on renter affordability and the ongoing absorption of new purpose-built apartment completions, which are providing renters with expanded alternatives and moderating demand intensity on existing properties. 

Secondary Markets (Populations ~235-600k)

Secondary Markets Drill Down (M/M): May 2026 vs. April 2026

Notable Changes in Secondary Market Demand Over The Past Month

*Secondary markets demand scores are down -10.2% month-over-month, unique prospects are down -5.1%, and properties are up +5.7%.

Secondary markets experienced the sharpest decline in rental demand of all market segments in April. With active prospects declining by (-5.1%) while available properties grew +5.7%, a combination that compressed prospects per property across the segment down (-10.2%).

This softening of rental demand although not present in all secondary markets, occurred in 7 of the top 10 secondary markets in our rankings, with only Windsor, Brampton, and Etobicoke showing growth in monthly prospect counts up +10.1%, +9.8%, and +6.3% respectively. Surrey held its position as the top-ranked secondary market despite a (-13.2%) decline in monthly prospects, reflecting the relative depth of its underlying renter base.

Secondary Market Drill Down (Y/Y): May 2026 vs. May 2025

Notable Changes in Secondary Market Demand Over the Past Year

*Overall, year-over-year demand scores are up +43.1% year-over-year, with prospects down by -5.2%, and properties down by -5.5%.

Secondary markets continue to post the largest annual declines in active prospect counts of all market segments, though the scope of these declines is narrowing.

In April, approximately half of the secondary markets in our top rankings posted annual growth in active prospects, including Surrey +35.4%, Victoria +30.0%, London +17.4%, Halifax +5.1%, and Windsor +2.0%, with Etobicoke, Brampton, Hamilton, Laval, and Oshawa recording annual declines.

Both prospects and properties declined at similar rates within the segment, resulting in average prospects per property holding effectively flat year-over-year up only +0.2%, representing relative stability in underlying leasing conditions compared with the prior year despite lower overall activity volumes.

Tertiary Markets (Populations ~100-235k)

Tertiary Markets Drill Down (M/M): May 2026 vs. April 2026

Notable Changes in Tertiary Market Demand Over The Past Month

*Demand scores in tertiary markets increased by +5.7% month-over-month, unique prospects are up +5.3%, and available properties are down -0.4%.

Tertiary markets were the strongest-performing segment in April on a month-over-month basis, with active prospects growing +5.3%, combined with the marginal decline in available properties, average prospects per property increased by +5.7%, second only to the top 10 markets in demand which saw an average increase of +6.0% in average prospects per property.

Amongst the top 10 tertiary markets Burnaby posted the highest monthly growth in active prospects up +16.0%, followed by East York +15.8%, and Saskatoon +14.1%. Saskatoon was the tertiary segment's most significant climber, posting a +19% demand improvement and advancing three positions to eighth, reflecting strengthening renter activity in the Prairie market. Richmond gained one position on the back of a +9% demand improvement. Kelowna slipped one position to third following a (-12%) demand decline month-over-month, and Oakville retreated one position as demand fell (-17%).

Overall, performance across the tertiary segment was broadly positive, with the majority of markets in our rankings posting stable to improving monthly activity.

Tertiary Markets Drill Down (Y/Y): May 2026 vs. May 2025

Notable Changes in Tertiary Demand Over the Past Year

*Overall, year-over-year demand scores are up by +54.6%, unique prospects are up +5.8%, and available properties are down -2.3%. 

Tertiary markets emerged as the most resilient segment in April on an annual basis, characterized by a +5.8% rise in active prospects and a marginal (-2.3%) reduction in available properties. This resulted in an +8.3% year-over-year increase in average prospects per property, signalling a strengthening of competitive conditions across the segment.

Amongst the top 10 tertiary markets, 60% experienced annual prospect growth, with Western Canadian hubs setting the pace: Kelowna +44.1%, Abbotsford +25.8%, Coquitlam +13.0%, and Burnaby +11.9% all posting strong upward momentum. BC remains the primary driver of this annual recovery, with Coquitlam, Kelowna, and Burnaby posting demand score gains exceeding 70% annually.

Conversely, Dartmouth served as the segment's outlier, recording a (-23%) year-over-year decline in active prospects. Other markets including East York, Sudbury, and Oakville saw more tempered annual declines, reflecting the localized nature of the ongoing market stabilization.

Conclusion

May extended the uneven stabilization that has shaped Canadian rental demand through the first half of 2026. National prospect counts were effectively flat for the second consecutive month, but after April’s return to positive year-over-year growth, May did not maintain that momentum. Active prospects declined -4.3% annually, showing that demand conditions are improving gradually but have not yet moved into a consistent growth pattern.

This does not point to a structural reversal in the stabilization trend that began building through the first quarter. Instead, it reinforces how fragile and market-specific the recovery remains. Affordability pressures, tariff-related uncertainty, employment concerns, weakened consumer confidence, and other factors continue to weigh on renter mobility and decision-making, limiting the ability of demand to build consistently from one month to the next.

The national picture also masks significant variation across the country. Some markets are seeing seasonal growth in renter activity, while others continue to drag on the broader trend as confidence and mobility remain more constrained. Year-to-date, active prospects through the first five months of 2026 are 2.0% below the same period in 2025. However, the cumulative pace of growth from January to May has been nearly identical in both years, suggesting demand is accumulating at a familiar rate, but being distributed unevenly across markets.

What’s Next for Canadian Rental Demand?

The summer leasing season is expected to bring incremental improvements in select markets, but the uneven growth of renter demand nationally points to a softer season than many property managers and leasing professionals may have expected.

Markets in B.C. and Alberta continue to lead in demand conditions, while markets facing affordability constraints and expanding supply pipelines are likely to see more measured improvements.

Until broader confidence returns among prospective renters, demand growth is expected to remain inconsistent and highly variable from one market to the next. For property managers and leasing professionals, this environment reinforces the importance of strong positioning, clear value communication, and responsiveness to evolving renter priorities.

As active renters become more motivated and expand their searches across available listings, properties that maintain visibility and clearly communicate affordability, quality, and stability will be best positioned to capture demand through the summer leasing season.

Operators that adapt early to these shifting conditions will be better equipped to sustain leasing performance in a market that is improving gradually, rather than rebounding all at once.

Methodology

To present this data, Rentsync has determined three key calculations for each area of the report, They are as follows:

Demand Score: Our demand score is rated out of 10 (with 10 being the highest score a city can receive), and is calculated based on unique leads per property, per city, and compared against benchmark data. 
For Example: Coquitlam, BC received a demand score of 9.4 this month, versus 9.6 last month. Coquitlam experienced a 0.2-point decrease in its demand score.

Demand Percentage (% +/-): This is determined according to the year-over-year (YOY) or month-over-month (MOM) increase or decrease in unique leads per property.
For Example: The month-over-month demand scores in Coquitlam, BC, experienced a 2% decrease in April 2026 versus March 2026. The year-over-year demand score in Coquitlam was up 109% from April 2025.

Position: The position is determined by unique leads per property, with cities that have at least *20 properties or more. The position will vary depending on demand.
For Example: This month, Coquitlam, BC, maintained its number 1 position in our Top Canadian Cities in Demand Rankings.

*This report provides month-over-month rental listing data for April 2026 versus March 2026 and a year-over-year comparison from April 2026 versus April 2025 . It also outlines the month-over-month and year-over-year trends in primary, secondary, and tertiary markets.