In tight rental market, here's how to prepare for potential increase at renewal

The rate advantage city renters saw during the pandemic is fading, making it important for those without rent controls to plan ahead for potentially substantial increases.

List prices for new rentals were up about 20 per cent in May for cities like Toronto, Vancouver and Calgary compared with a year earlier, data from Rentals.ca showed.

The price hike was attributed to students and remote workers returning to urban centres, immigration numbers rising, and house hunters turning to rentals while waiting out market uncertainty.

The combined pressures mean that existing tenants in provinces without, or with limits on, rent controls can expect jumps at renewal, and could benefit from negotiations with a landlord to limit that increase.