The Saskatoon rental market is a competitive market with strong demand. The average rent for a one-bedroom apartment in Saskatoon was $1,136 in 2021 and is projected to increase to $1,226 in 2022. Two-bedroom apartment rents increased from $1,228 in 2021 to an average of $1,327 in 2022.
Saskatoon has experienced a significant increase in rental demand over the last several years as more people move to the city for work, school or lifestyle reasons. This has pushed the vacancy rate to a low of 0.89% in 2021 and is projected to increase slightly in 2022 to 1.18%. However, despite the increase in demand for rental properties, rents in Saskatoon remain slightly below the national average. This is due to the rental supply still being sufficient to meet the demand.
Overall, the Saskatoon rental market is an attractive option for both tenants and landlords. Rents are projected to continue to rise, but they remain slightly below the national average. For tenants, this means that Saskatoon is an affordable rental market, providing tenants with an opportunity to save on rental costs. For landlords, a strong rental demand and low vacancy rate create a favourable environment for rental income.
