Kingston, Ontario, has recorded the largest year-over-year decline in asking rents among Canadian census metropolitan areas, according to recent data from Statistics Canada. In the first quarter of 2026, the average asking rent for a two-bedroom apartment in Kingston fell nearly six percent compared to the same period in 2025. This decline is based on active rental listings from major online platforms, including and Zumper.
Kingston Mayor Brian Paterson described the decrease as "a positive step in the right direction," indicating improving conditions in the local housing market. He noted that this trend follows recent decreases in home prices, suggesting a broader stabilization in housing costs.
Despite this decline, Kingston remains one of Canada's most expensive rental markets. The city ranks tenth nationally, with a median asking rent of approximately $1,745 for a one-bedroom apartment and nearly $2,200 for a two-bedroom unit.
The city's vacancy rate has also increased to 2.4 percent, as new housing developments bring more rental units onto the market. This increase in supply is helping to ease pressure on rental prices. Mayor Paterson emphasized the role of supply and demand in driving pricing, stating, "We simply haven’t been building enough housing to keep up with demand, and that’s what has led to higher prices."
While the recent decline in rents is encouraging, affordability remains a significant concern for many residents. Housing costs continue to strain household budgets, and city officials acknowledge that continued investment in new housing is necessary to improve affordability and maintain downward pressure on rents in the years ahead.
In summary, Kingston's rental market is experiencing a notable decline in average rents, marking a positive shift after years of rising housing costs. However, the city continues to grapple with affordability challenges, underscoring the need for ongoing efforts to increase housing supply and support residents.