Top 7 Affordable Cities to Rent in Canada 2024

Finding affordable rent in Canada has become increasingly challenging as rental prices rise nationwide.

If you're feeling frustrated about your options, you're not alone.

With the right insights and guidance, you can discover low-cost cities where rent won't break the bank.

In this guide, we’ll show you the most affordable places to rent in Canada in 2024 and how to make the best choice based on your needs.

1. Why Affordability Matters

The rising cost of rent in Canada has become a significant pain point for many, especially students, young professionals, and families.

Across the country, high demand and limited supply have pushed rental prices in major urban centers beyond reach.

According to Rentals.ca’s October 2024 report, the average rent in Canada has increased by 2.1% to $2,193 per month.

However, there are still cities where affordable rent is possible. Knowing where to look and what to consider is crucial to securing a budget-friendly home.

2. Top 7 Affordable Cities to Rent in Canada (2024)

To help you make an informed decision, we’ve compiled a table of the most affordable cities based on current data from various sources.

This table compares cities by their average rent, household income, and cost of living factors.

Sources: Rentals.ca, Forbes, Nesto.ca & PODS Enterprises LLC, average rent, household income, and cost of living factor subjected to change

3. Data Analysis: Which Cities Are Truly Affordable?

a. Thunder Bay, Ontario

From the table above, Thunder Bay, Ontario, stands out as one of the most affordable cities, with an average rent for a one-bedroom apartment at $1,563.

Thunder Bay's appealing factor is its high household income-to-rent ratio, which makes it easier for residents to afford housing.

Thunder Bay's affordability is backed by the fact that 22.2% of household income goes toward housing, below the national average of 30%.

b. Saskatoon, Saskatchewan

On the other hand, Saskatoon, Saskatchewan, has one of the highest rental cost factors at 32.7%, but with a relatively low average rent of $1,313 for a one-bedroom.

Although the rent-to-income ratio is high, the city offers a range of rental options below $1,500, making it attractive for budget-conscious renters.

c. Saint John, New Brunswick

Saint John, New Brunswick, is another strong contender. Rent averages around $1,400 for a one-bedroom apartment, and the household income is $67,000.

With only 25.1% of income going toward rent, Saint John remains a solid choice for those looking to lower their housing expenses without sacrificing lifestyle.

4. Comparison: Small vs. Big Cities

Several trends emerge when comparing small cities like Trois-Rivières, QC, and Regina, SK, to large cities like Edmonton, AB, and Winnipeg, MB.

Small towns tend to have lower rental prices overall, but their cost of living (as a percentage of household income) can sometimes be higher.

This is often because wages in smaller cities are lower, even though rent is more affordable.

For instance, the average rent in Trois-Rivières is only $1,915 for a one-bedroom, but with an average household income of $74,600, the cost of living factor is 30.8%.

Comparatively, Edmonton offers a lower rent-to-income ratio of 28.9% despite slightly higher rental costs because household incomes are higher, averaging $95,900.

5. Example of Affordable Cities for Different Audiences

a. For Students

Saskatoon, SK, is a great option, especially for University of Saskatchewan students.

With rent averaging $1,313 for a one-bedroom, it is affordable and offers access to student housing options, along with a growing tech and education sector.

b. For Families

Edmonton, AB, offers affordable rent for families, averaging $1,408 for a one-bedroom and $1,717 for a two-bedroom.

The city also boasts no provincial sales tax, which helps reduce overall living expenses.

This makes it one of the best cities for families seeking affordable rent near major urban centers.

c. For Remote Workers

Saint John, NB, stands out for remote workers seeking a quieter, more affordable lifestyle.

With rents around $1,400 and access to outdoor spaces, Saint John is ideal for those who want to balance work with recreational activities.

6. How to Evaluate Rental Costs Across Canada

When looking at affordable rent options, it’s essential to consider more than just the price.

A holistic view that includes transportation costs, proximity to work, and local amenities will give you a clearer picture of how much you’ll save.

For example, while Winnipeg has relatively low rents, its colder climate might mean higher heating costs in winter.

Similarly, living in Edmonton, with no provincial sales tax, could help you save on goods and services, reducing overall living costs.

7. Rental Costs Under $1,000

If your goal is to find cities in Canada with rent under $1,000, here are a few options:

1. Regina, SK: The average rent for a one-bedroom apartment is $1,329, but shared accommodations or smaller studio units in Regina start at $940.
2. Saskatoon, SK: the average rent for a one-bedroom unit in Saskatoon is $1,313, but shared accommodation options and smaller studio apartments can go as low as $1,051.
3. St. John’s, NL: Rent in St. John’s ranging between $875 and $1,050 for one-bedroom apartments.

Source: Rentals.ca & PODS Enterprise LLC, value subject to change

Frequently Asked Questions (FAQs)

a. What are the cheapest places to rent in Canada?

Cities like Saint John, NB, and Regina, SK, offer some of the lowest rental prices in Canada, with rent starting as low as $1,329 per month for a one-bedroom apartment.

b. Which Canadian cities have rent under $1,000?

Cities such as Regina, SK, and St. John’s, NL, have rental options for under $1,000, particularly for studios and one-bedroom apartments.

c. How can students find affordable rent in Canada?

Students can consider cities like Saskatoon, SK, where the average rent for one-bedroom apartments is around $1,313.

These apartments provide an affordable option near significant universities.

d. Is Ontario still an affordable place to rent in Canada?

While rents in Ontario are high in cities like Toronto, smaller towns like Windsor offer more affordable options, with rents averaging $1,561.

e. What provinces offer the lowest rental costs in Canada?

Saskatchewan, Manitoba, and New Brunswick are some provinces with the lowest rental costs, with cities like Regina, Winnipeg, and Saint John leading the way.

f. Are there any affordable housing options near major Canadian cities?

Yes, cities like Oshawa, ON, and Hamilton, ON, are close to Toronto and offer significantly lower rents than the city center.

g. How do rental prices compare across small cities in Canada?

Smaller cities like Trois-Rivières, QC, and Thunder Bay, ON, generally have lower rental prices than larger urban areas, offering affordable alternatives for those willing to relocate.

Whether you're a student looking for affordable rent, a family wanting more space, or someone relocating for work, Canada still offers cities where you can find cheap rent.

Cities like Saskatoon, Saint John, and Edmonton present some of the best opportunities for affordable living in Canada, with rents well below the national average.

Use this guide to make an informed decision when considering your next move.

With rents of less than the national average per month, it's safe to say that these city areas will always be brimming with tenants!

Are you interested in renting or investing in one of these incredibly beautiful cities and earning returns? If so, please drop your contact info below, and our local agents will help you out!