After rents declined for the first time since 2021 in October, prices slipped even further in November, reaching a 15-month low.

By the end of the month, average asking rents for all unit types had hit $2,139, down 1.6% from last November and 0.6% from the previous month when rents had dropped 1.9%, according to the latest National Rent Report from Rentals.ca and Urbanation.

The year-over-year decline, the report points out, can largely be attributed to the falling of asking rents over the second half of 2024, with rents down 2.8% since July. This declining trend is encouraging for renters who have faced massive rent hikes in recent years, though rents still remain 6.7% higher than two years ago and 18.8% higher compared to three years ago.