Rentsync National Rental Demand Report: May 2026

Demand Trends for the Canadian Market

April strengthens the case for a stabilizing Canadian rental market, with national prospect counts holding essentially flat month-over-month at -0.2%, a considerably stronger outcome than the -4.3% recorded in April 2025. Following March's strong seasonal surge of 29.8%, April's flat result reflects the natural seasonal consolidation typical of this time of year rather than a reversal of momentum, and continues the pattern of a market nearing ever closer to conventional seasonal norms than it has in years.

One of the most significant new developments in April saw annual prospect counts move into the positive growing 1.6% compared with April 2025, the first annual gain in active prospects of the previous 40 months. This milestone reflects the cumulative effect of sustained market stabilization through the first quarter of 2026, and signals that the market is no longer limiting further declines, but beginning to build upon a new and more durable baseline. 

Rental Demand Strengthens Gradually Across Canada’s Leading Markets

Through the first four months of 2026, the seasonal trajectory has remained broadly intact, with each successive month reinforcing the picture of a market finding firmer footing.

Across our top 50 markets in demand, prospect performance was mixed but broadly positive, with the top 10 markets continuing to lead with active prospect growth of 8.0% month-over-month and 15.8% year-over-year. 

These markets, concentrated primarily in BC and Alberta, are demonstrating the strongest conditions on the platform and are setting the pace for broader market stabilization. Available properties across the top 50 markets held essentially flat, preserving competitive leasing conditions and supporting average prospects per property that remain well above prior-year levels.

Breaking Down the Numbers:

National Stats (Month-over-Month):

• Active Prospects: -0.2%
• Active Properties: +0.1%
• Prospects per Property: -0.4%
  
  

National Stats (Year-over-Year):

• Active Prospects: +1.6%
• Active Properties: +3.6%
• Prospects per Property: -1.9%
  
  

By Market Segment (Active Prospects, MoM):

• Primary Markets: +1.3%
• Secondary Markets: -5.1%
• Tertiary Markets: +5.3%
  
  
  

What to Expect Next

While the shift to annual growth in active prospects is a meaningful and encouraging signal, it reflects the gradual accumulation of stability rather than a broad acceleration in demand. 

Structural factors, including affordability pressures, market-specific supply pipelines, and varying renter confidence, continue to shape outcomes at the local level. The marketers and property managers that prioritize competitive positioning and resident value are best placed to build on strengthening conditions as the spring leasing season progresses.

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 1.60% 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: April 2026 vs. March 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%. 6 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): April 2026 vs. April 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): April 2026 vs. March 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): April 2026 vs. April 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): April 2026 vs. March 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): April 2026 vs. April 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, signaling 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

April’s results continue to support the view that the Canadian rental market is moving toward a more stable and predictable operating environment, though conditions remain uneven across regions and property types. Rather than signaling a rapid rebound in demand, current trends point more toward a gradual normalization of market behaviour following several years of volatility.

The return to modest annual prospect growth is an encouraging development, but the more meaningful shift may be the growing separation between stronger-performing markets and those still facing affordability or supply-related pressure. Markets in BC and Alberta continue to outperform because they are offering a more competitive balance of affordability, employment opportunity, and renter value, while other markets remain constrained by weaker affordability or expanding supply pipelines.

As market conditions become more balanced, leasing performance is increasingly being shaped by property-level execution rather than broad market momentum alone. Pricing strategy, responsiveness, resident experience, and overall value positioning are becoming more important differentiators, particularly in markets where renters now have more choice and flexibility than they did during the peak demand years.

What’s Next for Canadian Rental Demand?

Looking ahead, the spring and summer leasing season is expected to continue supporting gradual improvements in renter engagement and leasing velocity. However, the pace of recovery will continue to vary significantly across markets and property types. 

Markets and properties that emphasize value, maintain competitive positioning, and respond proactively to evolving renter expectations will remain best positioned to capitalize on improving market conditions. 

As confidence slowly rebuilds, the rental market appears increasingly poised for a more stable and sustainable phase of recovery throughout the remainder of 2026.

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.