LONDON, Ont., Nov. 10, 2026: Asking rents for one-bedroom apartments and condos in London fell 3.2% year over year in October to $1,629, and two-bedrooms fell 4.0% to $1,994, according to the Rentals.ca and Urbanation November 2026 Rent Report published November 5. Month over month, London rents were close to flat: one-bedrooms up 0.1%, two-bedrooms down 0.2%.
The figures are average asking rents on listings across the Rentals.ca network. They show what a new tenant is offered today, not what sitting tenants pay, and they differ from the rent survey published by CMHC.
How does London compare with nearby cities?
London's one-bedroom decline was milder than in several Southwestern Ontario markets. The report's city table shows:
| City | 1-bed asking rent | Year over year | 2-bed asking rent | Year over year |
|---|---|---|---|---|
| London | $1,629 | -3.2% | $1,994 | -4.0% |
| Kitchener | $1,722 | -6.1% | $2,078 | -3.1% |
| Hamilton | $1,653 | -6.2% | $2,075 | -1.3% |
| Cambridge | $1,900 | +3.8% | $2,092 | -2.8% |
| Windsor | $1,459 | -12.3% | $1,851 | -3.2% |
Across Ontario, apartment and condo asking rents averaged $2,242 in October, down 2.5% from a year earlier and 10.0% over three years, though they rose 0.5% from September. Toronto moved the other way: rents there rose 1.6% to $2,590, the first annual increase after 32 months of declines. Nationally, the average asking rent for all property types was $2,036, down 3.2%, the 25th straight monthly decline but the smallest since February.
What it means for landlords
A London landlord filling a vacancy is pricing against listings that are cheaper than a year ago, particularly for two-bedrooms. In Ontario the rent for a new tenant is whatever the landlord and the tenant agree; the guideline does not apply at turnover. For most units first occupied before November 15, 2018, that agreed rent then becomes the base that later increases are measured from, so a rent set low to fill a unit quickly can be raised only by the guideline each year afterward. The report also notes that purpose-built operators nationally have leaned on incentives rather than cutting the rent itself.
What it means for tenants
Someone looking for a London apartment has more room to negotiate than a year ago. A tenant already in place is not affected by asking rents: for most units, an increase in 2027 is capped at the 1.9% guideline, needs at least 90 days' written notice, and can come only 12 months after the tenancy began or after the last increase. Units first occupied after November 15, 2018 are exempt from the guideline, though the notice and 12-month rules still apply.
What to do now
- Landlords: check comparable London listings before you set a vacancy rent, and serve any 2027 increase on Form N1 with 90 days' notice. Our N1 guide walks through the dates.
- Tenants: compare a listing against the figures above, and check any increase notice against the 1.9% guideline and the 90-day rule.
- Both: find more in the landlord and tenant resource centres.
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