Pricing your rental correctly is one of the most important decisions you'll make as a landlord. Too high and your unit sits vacant — costing you far more than the extra $100/month you were holding out for. Too low and you leave money on the table every single month for years.
Here's a current look at what the market supports in our three service cities. For broader Ontario rental data, CMHC's rental housing resources provide useful context on national and provincial trends.
London, Ontario — 2026 Rental Market
London continues to attract renters priced out of Toronto and the GTA. Western University, Fanshawe College, and a growing healthcare and tech sector keep demand strong year-round.
Average Rents by Unit Type (London, ON — Q1 2026)
| Unit Type | Low End | Average | High End |
|---|---|---|---|
| Bachelor/Studio | $1,050 | $1,175 | $1,350 |
| 1-Bedroom | $1,350 | $1,525 | $1,800 |
| 2-Bedroom | $1,650 | $1,900 | $2,300 |
| 3-Bedroom | $2,100 | $2,450 | $2,950 |
| 4-Bedroom | $2,600 | $3,000 | $3,600 |
Hot neighborhoods in 2026:
- Old North / Wortley Village — premium rents, professional tenant base
- Byron / Lambeth — family renters, longer-term leases
- East London — more affordable, strong student/young professional demand
- Masonville / Medway — popular with Western students and hospital staff
St. Thomas — The Overlooked Gem
St. Thomas is emerging as a serious rental market. The Amazon fulfillment centre, Volkswagen EV battery plant, and growing commuter base from London have pushed rents up steadily over the last two years.
Average Rents (St. Thomas, ON — Q1 2026)
| Unit Type | Average Rent |
|---|---|
| 1-Bedroom | $1,250 |
| 2-Bedroom | $1,550 |
| 3-Bedroom | $1,950 |
Why St. Thomas is worth watching: Lower purchase prices relative to London means better cap rates for investors. Tenant demand is outpacing new supply right now.
Strathroy — Stable and Reliable
Strathroy's rental market is driven by petrochemical industry workers, St. Clair College students, and retirees. Turnover tends to be lower here — quality tenants often stay for years.
Average Rents (Strathroy, ON — Q1 2026)
| Unit Type | Average Rent |
|---|---|
| 1-Bedroom | $1,100 |
| 2-Bedroom | $1,400 |
| 3-Bedroom | $1,750 |
How to Price Your Specific Unit
Averages are a starting point, not the answer. Your actual price should account for:
Factors that push rent higher:
- In-unit laundry (adds $75–$150/month in perceived value)
- Dedicated parking included
- Private outdoor space (deck, yard, garage)
- Recently renovated kitchen or bathrooms
- Utilities included (especially heat)
- Pet-friendly policy
- Near transit or major employers
Factors that push rent lower:
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- No laundry in-unit or on-site
- Street parking only
- Older finishes and appliances
- Basement unit with limited natural light
- No air conditioning
The real test: How quickly does your listing get inquiries? If you post and get 10 messages in 24 hours, you priced it too low. If you get zero in the first week, you're likely too high.
Vacancy vs. Underpricing — The Math
Say you own a 2-bedroom that's worth $1,900/month. You list it at $2,100 hoping to find the right tenant.
If it sits vacant for 6 weeks, you've lost $2,850 in rental income. That pays for 28 months of the $100 premium you were hoping for. You'd need to keep the same tenant for over two years at the higher rate just to break even.
Our general rule: Price to rent within 2–3 weeks. A well-priced, well-presented unit consistently beats an overpriced one. For more on attracting quality tenants, see our marketing rental property guide.
Frequently Asked Questions
What is the average rent for a 2-bedroom apartment in London, Ontario in 2026?
The average rent for a two-bedroom unit in London in Q1 2026 is approximately $1,900/month, with a range from around $1,650 at the low end to $2,300 for premium units. Location, laundry, parking, and the condition of the unit all influence where your property falls within that range.
How does St. Thomas compare to London for rental prices?
St. Thomas rents are generally 15–20% below London prices. A two-bedroom in St. Thomas averages around $1,550/month compared to $1,900 in London. Purchase prices are also lower, which often translates into better cap rates for investors — and demand has been growing steadily as new employment comes to the area.
What amenities add the most value to a rental listing in Southwestern Ontario?
In-unit laundry adds approximately $75–$150/month in perceived value and is one of the most requested features. Dedicated parking, private outdoor space, and a recently renovated kitchen or bathroom also increase achievable rent. Air conditioning has become increasingly expected for summer-season rentals.
How quickly should a well-priced rental unit get inquiries in London or Strathroy?
A well-priced, well-photographed unit in London should receive inquiries within the first few days and rent within 2–3 weeks. In Strathroy, 2–4 weeks is typical. If you're not getting inquiries within 5–7 days of listing in London, the issue is usually price, photos, or the platform you're using.
Is it better to price slightly below or above market when listing a rental?
Pricing at or slightly below market almost always produces a better financial outcome than holding out for a premium. A well-priced unit that rents in two weeks leaves you ahead of a slightly higher-priced unit that sits vacant for six weeks — the vacancy loss takes years of the rental premium to recover.
Want a Free Rental Estimate?
We pull real-time comparables from active listings and recent leases in our database. Get a free estimate for your property — no strings attached. You can also explore our London property management services for a full picture of how we help investors maximize returns.