10 most affordable places to rent in Canada in 2024

The quest for an affordable rental is difficult, especially within a vast and diverse country like Canada. But do not worry; we did the research! This guide highlights for you the top 10 cities with affordable rentals in 2024. We are talking of cities spanning from beautiful coastal towns to bustling centers with a great balance of affordability, quality of life, and unique amenities.

Being rated number one in property management for six years running, Royal York Property Management assures property owners of the ability to relax and diversify their portfolios while professionally managing complexities. Competitive in the Ontario landscape, the property management portfolio is strong and now includes 22,000 properties valued in excess of $10.1 billion in combined assets.

At Royal York Property Management, we know how hard it may be to find a place that fits your needs without breaking the bank. With many years of experience in the property management industry, we do our best in order to help our clients—both tenants and landlords—through the rental market. So, let's see which places are the most affordable to rent in Canada in 2024.

1. Saskatoon, Saskatchewan  

Saskatoon, on the South Saskatchewan River, is alive with opportunities for employment. The overall cost of living is affordable, and the tenants like it. An average rent for an apartment with one bedroom is around $1,000 per month, and the rental vacancy rate always stays stable to provide a good supply of available units. Riverfront parks, cultural festivals, a thriving arts scene, and access to affordable healthcare and education are only a few of the amenities offered to residents. When looking for a rental place in Saskatoon, you have to research the neighborhood, taking into consideration factors like safety, distance to work, and other local amenities. The city is affordable, yet it's really important to stay within your budget, considering utilities, parking fees, and other miscellaneous charges. Saskatoon Transit is reliable, so proximity to the bus stop should be taken into consideration when choosing a rental.

2. Fredericton, New Brunswick  

Fredericton has a strong sense of community and historic charm. It is therefore a great place to live in the Maritimes for that affordable lifestyle. The average rent for a one-bedroom apartment is around $900 per month. The city's rental market remains stable, consisting of apartments and houses. The history of the city, the riverside trails, and local markets ensure a variety of fun activities, complete with quality education and healthcare. Exploring local markets in Fredericton is an excellent way to procure fresh produce and support local businesses. To make the experience even better, one would engage with people at local events and get to know neighbors; people in Fredericton are very friendly. Knowing about snow removal services and investing in proper warm clothing would be helpful since winters may get harsh.

3. Charlottetown, Prince Edward Island    

Nestled on picturesque Prince Edward Island, Charlottetown combines coastal beauty with affordability. It is an ideal place for a renter who seeks a slower pace of life. The average rent for one-bedroom apartments is around $950 per month. Although the rental market is quite competitive, it offers a lot of housing diversity. You can enjoy the seafood restaurants, the waterfront, and the cultural events with top schools and good health services. To enjoy the natural beauty, one must make the most of Charlottetown's parks and beaches. Discovery about the culture of the island, including the local traditions and customs, music, and cuisines, may well enrich your experience. Furnished rentals can often be a very convenient option for temporary stays.

4. Moncton, New Brunswick   

Moncton, a gem of the Maritimes, manages to offer affordability along with quality living. Families and singles will find an abundance of rentals. The average rent for a one-bedroom apartment is around $850 monthly, and the city's rental market continues to be stable with new developments. People can enjoy Magnetic Hill, local markets, and the outdoors, all with access to healthcare facilities and bilingual education. Moncton's bilingual environment—English and French—may be dealt with more easily by learning some basic French phrases. The exploration of Magnetic Hill and its optical illusion, along with the amusement park, is a unique local scene. Engaging locals at community events helps round out the living experience.

5. Trois-Rivières, Quebec  

Historical architecture gives way to elegance without breaking the bank in Trois-Rivières. It is a perfect secret gem for the renter who wants to experience the culture of the province in all its richness. The average cost of renting an apartment with one bedroom is about $800 monthly. The market for rental houses in this city is competitive but reasonably priced. The apartments have art galleries, cafés, and the St. Lawrence River, with the option for French-language education and health care services. You will find basic French expressions useful in this predominantly French-speaking city of Trois-Rivières. The historic Old Town, with its streets, quaint cafés, and unique shops, is not to be missed. Shared housing can be an economical arrangement for tenants.

6. Windsor, Ontario  

Affordable and diversified with a wide range of rentals, Windsor is a city situated near the U.S. border and offers great proximity to Detroit. The average rent for a one-bedroom apartment is about $900 a month. There is a wide range of apartments, townhouses, and single-family homes to choose from in the rental market. Residents will enjoy the waterfront parks, casinos, and multicultural festivals with medical facilities and schools. Windsor and Detroit offer unlimited opportunities for employment and pleasure. One of the great things is to enjoy the riverfront parks in Windsor with walks and picnics. It's also a good idea to check the commute time, especially close to the Ambassador Bridge, to avoid traffic at rush hour.

7. London, Ontario  

London is a university town with all the amenities of a city and green spaces to enjoy. It's extremely popular among students and young professionals. The average rent for a one-bedroom apartment runs around $1,100 a month. The city has a bustling and competitive rental market for its population, which has been growing steadily. The city boasts great parks, theaters, and live music venues and features quality education and healthcare. Students, of course, will love the many student-friendly rentals available in London close to Western University. Checking out trendy bars, restaurants, and stores on Richmond Row or dancing to its beats is a great way to spend some time. Knowing and understanding a lease and one's rights as a tenant in Ontario will go a long way in ensuring a pleasant, stress-free renting experience.

8. Regina, Saskatchewan  

Regina, with its stable job market, offers affordable housing options. The place is great for both families and professionals. The average rent for an apartment with one bedroom is about $950 monthly, with a mix of apartments and condos available. Residents can visit Wascana Park, museums, and local markets. Some research into Regina's job market could show you which industries and jobs to look into. You definitely have to visit the largest urban park in North America, Wascana Park. Be prepared for cold winters, and invest in warm clothing and snow boots.

9. Saint John, New Brunswick    

Saint John offers maritime charm along the Bay of Fundy and low-cost living. It is a great spot for anyone who likes coastal beauty without the associated cost. A one-bedroom apartment averages close to $800 per month. The rental market offers apartments, duplexes, and older homes. Living here allows one to visit the Reversing Falls Rapids, historic architecture, and local seafood, as well as access health care facilities and quality education. Visiting the picturesque waterfront of Saint John and going to the Reversing Falls Rapids is a must. Contributing to the local businesses by buying at the markets and boutiques contributes to the community spirit. Finding out more about the rich maritime history of Saint John will help one be closer to it.

10. Thunder Bay, Ontario  

Thunder Bay is a jewel nestled on the northern shores of Lake Superior. It combines natural beauty, outdoor activity, and affordable rental options. The average one-bedroom rent is approximately $900 per month. From students to families and working professionals, the rental market has various options available. There are great hiking trails and the Sleeping Giant Provincial Park, along with local festivals and access to health services and schools. There are so many adventures here for you: hike, kayak, and explore some of the most beautiful natural landscapes in the country. During the winter, make sure your house is well insulated with a good heating system. Connecting with Lake Superior—the world's largest freshwater lake—is an experience unlike any other.

Additional Cost-Saving Measures While Living in Canada 

A lifestyle that is both mindful and financially smart can go a long way in expanding your budget and therefore improving your experience of living in Canada. Basically, living minimally is all about appreciating experiences, such as reading a used book purchased instead of a new one or eating a potluck dinner instead of an expensive one at a restaurant. Conscious shopping and wise budgeting, which involve understanding your financial limits and monitoring your expenses, can greatly help improve your money management skills. Scholarships and grants are available for higher education. In addition, there is free basic health insurance in Canada, subject to your country of origin, which cuts a great deal of expenses from the healthcare budget.

From students to young professionals and families, all these Canadian cities provide a blend of affordability, lifestyle, and exclusive experiences. Remember to check updated information on prices because they are in a continuous process of change. At Royal York Property Management, we are committed to finding you the right rental property that fits your needs and budget.

Through the amalgamation of wide networking and professional expertise, Royal York Property Management would ensure that the client gets access to the finest rentals in these affordable cities. Contact us to understand in detail how we can help you find your next home. For more information on Royal York Property Management and our services, visit: royalyorkpropertymanagement.ca