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A for rent sign displayed outside a home in Toronto. Average asking rents have fallen 7.3 per cent over the last two years.Cole Burston/The Canadian Press
The average asking price for a rental unit in September was $2,034, down 4.2 per cent compared with a year ago.
A monthly report from Rentals.ca and Urbanation says the figures mark two full years of annual declines, the longest downturn the Canadian rental market has experienced in recent history.
Average asking rent prices are down 7.3 per cent over the past two years.
Rents edged slightly lower on a monthly basis, down by $1 compared with $2,035 in August, a second consecutive monthly decrease.
Urbanation president Shaun Hildebrand says supply has been the main driver of the correction in the rental market.
Asking rents for purpose-built apartments fell 2.7 per cent on an annual basis to an average of $2,036 in September, while asking rents for condominium apartments decreased 7.8 per cent to $2,052.