(Pictures: Roger Farias)
Moving in the middle of winter might not be a barrier for some people looking for more affordable apartments, considering London’s high cost of living and the fact that rental prices have dropped by at least 4%.
London’s rental market is experiencing a notable shift, driven by a combination of increased housing supply, slower population growth, and evolving renter preferences. According to Giacomo Ladas, Associate Director of Communications at Rentals.ca, these factors have collectively led to a “leveling out of asking rents,” with vacancy rates in the city reaching a decade high. As renters prioritize affordability over proximity to downtown cores, landlords are offering incentives like free months of rent and complimentary amenities to attract and retain tenants.
“Mortgages are through the roof right now, and buying a house is challenging. That directly affects rent if people are purchasing homes as income properties,” said Don Blondeau, a citizen. “I don’t think it’s due to the new international students ‘policies. It’s more about corporate greed, high interest rates, and banks being greedy. London is very expensive and overrated—it’s more costly than what it offers. I know it’s ranked among the top 100 most expensive cities in the world and one of the priciest in Canada, possibly in the top 40.”
“Derly Suárez, an Early Childhood Education student at Fanshawe College, arrived in Canada with her husband in December 2023. They initially thought they could find an apartment for $1,500 but ended up renting a basement for $1,600 in Glen Cairn, a quiet neighbourhood in the south. ‘Although it included utilities, it was far from the college, and much of our income went toward rent,’ she said. In November 2024, they noticed rental prices had decreased and decided to search for something more affordable. ‘We found a one-bedroom apartment for $1,300, with utilities included except for hydro, in a location convenient for our work and studies,’ Suárez added.”
“I think decreasing rent in London is very important,” said Cindy Tran, a GIS and Urban Planning student. “I moved here from the Toronto area, where it’s pretty expensive, to afford tuition and be able to work and live. Fanshawe has such a large international student community, and for them to afford three times the tuition just to come here, the rent needs to be manageable as well.”
For her part, Aura Duque, a Business student at Fanshawe College, said, “People who have lived in London longer told me that before the pandemic, rents were much cheaper, and you could find a one-bedroom apartment for $900. Now, it’s hard to find something affordable and well-located, especially near the college. If you don’t have savings and depend on your job, it’s difficult to cover all expenses. Being in a couple helps both financially and emotionally, as being a student is stressful. My husband and I moved to Cherryhill four months ago because we found a more affordable place.”
Rodney Affotey, a Project Management student at Fanshawe College, said that relocating from his previous home helped him save nearly $500. “The place was too expensive and far from the nearest transit terminal. Now, my bus stop is just across the street, which is a big help in this cold weather.”
Renters can take advantage of lower prices and competitive incentives, but Ladas warns about the rise of rental scams targeting desperate tenants. “We’ve seen scams become more prevalent,” he said, stressing the need to verify listings and avoid sending money without visiting the property. He also recommends preparing necessary documents ahead of time and considering shared accommodations to reduce financial strain.
