Canadian renters prioritizing prices over location, survey finds

A survey of renters in B.C., Alberta and Ontario has found approximately half have moved within the last three years – with most reporting they now prioritize price over location.

The website Rentals.ca surveyed more than 600 prospective tenants across those three provinces, and found 49 per cent of them had moved during that relatively short timeframe, with 26 per cent reporting they had moved within the last 12 months alone.

Nearly 70 per cent highlighted "the unaffordability of rentals in their region as the reason for moving," and 63 per cent "emphasized price as their primary concern when searching for a new home," Rentals.ca wrote in a news release.

"In the face of escalating inflation and affordability challenges, residents in rent-controlled markets are inclined to remain in their current accommodations, benefiting from minimal rental hikes," the company added. "The proportion of long-term renters moving is declining, and we will continue to track this phenomenon."

Thirty-seven per cent of respondents said they were prioritizing location. About one-in-five expressed interest in moving to a new city for their next home.

“We're seeing tons of inter-provincial migration to Alberta,” Rentals.ca spokesperson Giacomo Ladas told CTV News.

“Because of that we're seeing skyrocketing prices in Alberta.”

The company also said, “in the face of escalating inflation and affordability challenges, residents in rent-controlled markets are inclined to remain in their current accommodations, benefiting from minimal rental hikes.”

With B.C.’s vacancy rate at 0.9 per cent – lower than the 1.5 per cent national average – it’s steep competition for potential renters. And for those who do have a place, the survey found they’re moving out less and aren’t buying houses.

“Not only are they not moving out, but there's very limited options for them to even look for a rental,” Ladas said.

“Until we start seeing more supply come into the market, especially an area like Vancouver with the lowest vacancy rate, these prices are going to continue.”

Tenant advocates told CTV News B.C. needs to boost and build different affordable housing options, including co-ops.

“We need that kind of non-market housing that can come in and create that baseline layer that makes sure we respect people's rights to have safe, adequate housing,” said Robert Patterson, a lawyer with B.C.’s Tenant Resource Advisory Centre.

Rentals.ca said 34 per cent of the prospective renters had been searching for at least two months, and 15 per cent had been searching for at least six months.

About one-in-four were entering the rental market for the first time.

Rentals.ca did not provide the methodology or a margin of error. CTV News has reached out for more information on how the survey was conducted.