Rental rates in Nanaimo continue to see year-over-year increases, despite a growing number of Canadian cities and communities seeing substantial drops. (Image Credit: Dreamstime)

By NanaimoNewsNOW Staff

rent rates

Nanaimo remains among dwindling number of cities with increasing rents

May 8, 2026 | 2:07 PM

NANAIMO — The tide appears to be turning for renters nationwide, with the Harbour City lagging behind much of the country.

Rentals.ca published their May 2026 National Rent Report, showing a 4.7 per cent year-over-year rent reduction nationwide, boosted by a 6.1 per cent average reduction in B.C., the second biggest drop of any province behind only Ontario at 6.2 per cent.

Nanaimo, however, remains one of the few communities showing notable year-over-year rent increases, with a 3.8 per cent jump in one-bedroom units and a 1.2 per cent increase for two-bedrooms noted between April 2025 and April 2026.

Nanaimo joins Kingston, Ontario (4.6 and 12.4 per cent), Airdrie, Alberta (2.4 and 0.3 per cent) and Montreal (3.4 and 3.0 per cent) showing increases in one and two-bedroom rentals.

The average price in Nanaimo for a rental of any size was $2,015, making it the 32nd most expensive market surveyed by Rentals.ca and the second most expensive on Vancouver Island behind Victoria ($2,271, 14th).

rent rates

Nanaimo remains among dwindling number of cities with increasing rents

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North Vancouver topped the list, being the only area over $3,000, with an average of $3,001.

Vancouver ($2,679), Toronto ($2,504), North York, Ontario ($2,488), and Burnaby ($2,484) rounded out the top five.

The report noted rental rates reached a low of $1,662 in April 2021, with rents rising on average 21.9 per cent nationwide in the years since.

It also showed secondary markets next to some of the country’s largest cities showed some of the steepest declines, with double-digit year-over-year drops in Richmond, Coquitlam, and Burnaby.

“Purpose-built rents remained the most stable over the past year, declining 3.7 per cent to an average of $2,027, while asking rents for condo units fell by 5.6 per cent to $2,087. However, incentives such as free rent periods have become common at purpose-built rental projects, resulting in lower effective rents for tenants.”

Saskatchewan (2.4 per cent) and Atlantic Canada (5.1 per cent) were the only provinces to note rental increases.

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by NanaimoNewsNOW Staff

Nanaimo remains among dwindling number of cities with increasing rents

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