With Canadians grappling with rising costs on everything from housing to household bills, new data shows that renting is no longer a temporary stage on the path to homeownership. Instead, it is increasingly becoming a long-term necessity that relies heavily on dual incomes to remain sustainable. The Rent Cheque: Q3 2025 Rental Intelligence Report by SingleKey reveals that the traditional image of renters as young and transient no longer reflects reality. Today’s renters are older, more settled, and often raising families while facing mounting affordability challenges.
The report found that the median age of a Canadian renter is 32, and 11.7 per cent of renters have children.
“The idea that renters are young, mobile, and just passing through no longer holds true,” said Viler Lika, Founder & CEO of SingleKey. “Renting is now a long-term reality for many Canadians in their 30s and 40s—often with kids, careers, and no clear path to homeownership,”
After analyzing thousands of rental applications between July and September 2025, the online platform determined that the average renter earns $67,537 annually. However, household incomes average $109,000—a 35 per cent increase driven by dual-income households. Cohabiting and shared earnings have become essential to meeting rental standards, underscoring how renters are older and more settled than in past generations.
Despite reports of rent prices softening, affordability remains strained as other living costs rise. Nationally, renters spend approximately 38.6 per cent of their income on rent and debt repayments, well above the 30 per cent affordability benchmark. In Vancouver, that figure climbs to 41.6 per cent, highlighting growing financial vulnerability for tenants and increased risk exposure for landlords.
“Affordable” markets carry hidden risks
Lower rent markets may appear more accessible, but SingleKey’s data shows they often mask higher financial instability. Renters in major hubs like Toronto and Halifax tend to have stronger credit scores (735 and 705), lower delinquency rates (4.3% and 6.7%), and fewer bankruptcies (1.1% and 1.7%).
By contrast, Winnipeg, Calgary, and Montreal—where average monthly rents are among the lowest ($1,713, $2,028, and $1,605, respectively)—show significantly higher delinquency and bankruptcy rates. Winnipeg stands out as the riskiest market, with nearly one in five tenants (18.9%) in collections and a bankruptcy rate (3.9%) more than triple Toronto’s.
Suburban and rural renters also face greater instability: credit scores are 2–34 points lower, and bankruptcy rates 0.4–3.2 per cent higher compared to urban tenants. Lower upfront costs, the report warns, do not necessarily translate into long-term affordability.
“Renting has changed in Canada, and the numbers prove it,” concluded Lika. “We’re seeing responsible, creditworthy renters in their 30s spending over a third of their income just to keep up.”
View the full report here: SingleKey Rent Cheque Q3 2025
