Saskatchewan’s Multifamily Outlook: Navigating Market Shifts

Canada’s rental sector is evolving, and Saskatchewan is feeling the effects. While demand remains strong, factors such as rising vacancy rates, shifting immigration patterns and slowing rent growth are reshaping the multifamily landscape. Saskatoon continues to rank high in year-over-year in-place rent increases, but growing vacancy rates are creating new challenges for property owners. Understanding these trends is key to staying competitive in a changing environment.

Canada’s rental market in transition

According to Yardi’s Q4 2024 Multifamily Report, the average in-place rent across Canada reached $1,565, reflecting an $85 year-over-year increase. However, rent growth is slowing due to declining immigration targets and anticipated interest rate cuts.

The Bank of Canada’s rate reduction to 3.25% is expected to ease financial pressures on consumers, potentially influencing rental demand. Meanwhile, online apartment searches declined in early 2025 — a seasonal trend noted in RentCafe.com’s latest report.

The RentCafe.com Canadian Renter Interest Report, powered by Yardi, ranks the top 25 Canadian cities based on millions of user interactions, including apartment availability, listing views, favourited listings and saved searches.

Key economic and political factors impacting Saskatchewan

Rent trends and affordability

Saskatoon saw a 7.7% year-over-year increase in in-place rents, making it one of the stronger rental markets in the region. Despite this growth, it remains a cost-effective option for renters compared to other major cities.

Vacancy and tenant mobility

Saskatchewan’s annual turnover rate is one of the highest in the country at 41.8%, signaling increased tenant movement. Saskatoon’s vacancy rate climbed to 6.2%, presenting challenges for housing providers seeking stability.

Changing immigration patterns

Data from the Government of Canada’s Immigration Levels Plan shows federal immigration targets have been adjusted downward from 500,000 in 2024 to 390,000 in 2025. While this may slow overall population growth, Saskatchewan’s cost of living in comparison to other major cities across Canada could continue to attract residents from other provinces.

Interest rate adjustments

Lower rates could encourage more renters to pursue homeownership, affecting rental demand, but they also boost consumer confidence, which could balance out the impact.

New rental supply

A growing number of newly constructed rental units in Saskatchewan has increased competition among housing providers. This additional supply is contributing to higher vacancy rates but also provides renters with more options, putting pressure on housing providers to enhance their offerings.

Employment and economic shifts

Saskatchewan’s job market remains stable, but as industries evolve, housing demand will fluctuate. The province’s strong resource sector continues to drive economic activity, which may attract new workers in the coming years.

Challenges and opportunities

While affordability remains Saskatchewan’s strength, rising vacancy rates require housing providers to rethink their approach. Here are six key strategies to stay competitive and attract tenants in a shifting market:

• Enhance property amenities
  Upgraded co-working spaces, fitness centres and community areas can increase tenant satisfaction and retention. Modern renters value convenience, making these investments a key differentiator.

• Offer flexible lease terms and incentives
  Short-term lease options, move-in incentives and discounts can help fill vacancies faster. Renters are increasingly looking for flexibility, and offering lease structures that accommodate different needs can be a major draw.

• Leverage digital tools to streamline leasing
  From online applications to automated rent payments, digital tools simplify the leasing process and appeal to tech-savvy renters. A seamless online experience makes properties more accessible and can speed up the decision-making process.

• Implement competitive pricing strategies
  With more rental supply available, housing providers must be strategic about setting rents. Introductory discounts or time-limited promotions can attract new tenants while keeping units occupied. Transparent pricing and value-driven incentives can make a property stand out in a crowded market.

• Build a strong digital presence
  Regardless of property enhancements, renters are searching online first. A well-maintained website, professional photos and visibility on rental listing platforms ensure that available units — and any improvements made — are seen by the right audience. A strong online presence can make all the difference in converting interest into leases.

• Understand and align with tenant preferences
  Findings from the simplydbs report highlight shifting tenant priorities. Whether it’s pet-friendly policies, in-suite laundry or energy-efficient upgrades, aligning offerings with renter expectations can provide a competitive edge.

By adapting to market trends and prioritizing tenant needs, housing providers can position their properties for long-term success despite rising vacancies.

The road ahead: thriving in Saskatchewan’s evolving rental market

Saskatchewan’s rental sector is evolving, with strong rent growth balanced by rising vacancies. To stay ahead, property managers must prioritize tenant retention, operational efficiency and digital leasing strategies. As competition increases, those who invest in tenant experience and proactive management will be best positioned for success. By leveraging data-driven insights, housing providers can make informed decisions that help maintain occupancy and keep Saskatchewan’s rental market thriving.

Yardi’s Multifamily Report aggregates data from 492,000 units and 5,500 properties, providing a comprehensive, anonymized look at rental trends. For deeper insights into these trends and additional data on Canadian housing markets, download the latest Multifamily Report.