Saskatchewan housing in 2026: steady rents, higher turnover and why operations matter more now

By Peter Altobelli, VP and General Manager, Yardi Canada Ltd.

Canada’s multifamily market is entering 2026 in a different place than it was a year ago. Fundamentals weakened through 2025 and conditions are expected to stay fragile in 2026, with rent growth slowing amid affordability pressure and softer demand signals. At the same time, Canada’s overall housing shortage should keep occupancy relatively solid in most segments, even as performance diverges market to market.

This is where a Saskatchewan lens becomes useful. Provincial and local operators do not need a “Canada-wide” story as much as they need a “what’s changing here” story. Saskatchewan is showing a mix of moderate rent growth, elevated vacancy and some of the highest annual turnover and digital leasing performance in the country. That combination increases operational intensity and raises the importance of retention, leasing speed and cost control.

A market loosening, not collapsing

Across Canada, national averages show in-place rent growth continuing to decelerate. The average national in-place rent rose $9 quarter over quarter to $1,746 in Q4 2025, while the annual national in-place rent growth rate slowed to 3.2%.

New-lease rent growth, a key indicator of current supply-demand balance, also cooled sharply at the national level. Lease-over-lease growth on new leases averaged 0.7% nationally in Q4 2025, down from 2.4% in Q3 2025 and 6.4% in Q4 2024.

Vacancy also rose. Canada’s national average apartment vacancy rate reached 4.5% in Q4 2025, the highest level since tracking began in 2021. Alongside that, annual turnover increased to a national average of 25.5%, pointing to greater resident movement and more unit turns across the country.

Under the hood, macro conditions help explain why demand is cooling. Population growth moderated, with an estimated year-over-year growth of 0.2% in 2025 and a reduced 2026 target for admitting non-permanent residents. At the same time, Canadian GDP growth forecasts for 2026 sit in the 1.0% – 1.5% range and the labour market remains a headwind for apartment demand, particularly for younger renters.

The takeaway is not alarm, but operational precision. When rent growth is modest and vacancy is higher, performance depends more on execution: leasing speed, resident retention, operating efficiency and the ability to make decisions quickly using the right KPIs.

Saskatchewan’s edge: Saskatoon stands out on turnover and digital leasing signals

In the national data set, Saskatoon posts an in-place rent growth rate of 3.0% year over year in Q4 2025, close to the national average of 3.2%. But the story shifts when you look at vacancy, turnover and digital front-door performance.

Vacancy and turnover
Saskatoon’s vacancy rate is 5.2% in Q4 2025, placing it among the higher-vacancy CMAs tracked. More importantly, Saskatoon’s annual turnover rate is 41.5% in Q4 2025, far above the national average of 25.5%. This is one of the clearest signals that Saskatchewan operators are dealing with more unit turns, more make-ready activity and more leasing volume as part of normal operations.

That turnover reality also shows up in resident tenure. The average resident length of stay is 25 months in Saskatoon versus a national average of 39 months. Shorter stays can be manageable, but they shift the cost equation: every additional move-out drives incremental maintenance, cleaning, marketing and admin effort.

Rent growth on new leases
New-lease rent growth in Saskatoon is still positive, but modest. Lease-over-lease growth on new leases in Saskatoon is 0.8% in Q4 2025. That is close to the national average pace of 0.7% and well below recent years when rent growth was doing more of the financial heavy lifting.

Digital leasing signals
Saskatoon also stands out on digital performance. Digital prospect conversion is 14.0% in Saskatoon versus a national average of 8.7%, and digital prospects are 13 per 100 units per month versus 11 nationally. In a market with elevated turnover, stronger digital conversion directly reduces vacancy days between move-outs and new occupancy. The practical implication is that Saskatchewan operators have an opportunity to keep improving results by removing friction from the digital journey, from first inquiry through to move-in.

Operational insights: what higher churn means day to day

High turnover changes what good operations looks like. When more residents are moving in and out, the gap between average performance and best practice widens quickly.

In Saskatchewan, the combination of higher vacancy and very high annual turnover suggests a market where speed matters. The faster a unit moves from notice to ready-to-rent to leased, the more you protect revenue and reduce operational strain.

That is also where digital communication and self-service can do real work. When residents can complete key steps without back-and-forth, teams spend less time on repetitive questions and more time on high-value moments: renewal conversations, exception handling and resident experience improvements.

Even small process wins add up when you multiply them across a higher number of annual turns.

The cost equation: operating metrics to watch in 2026

When rent growth is modest, the most controllable lever is operating efficiency. Three new metrics in the Yardi Multifamily Report are worth tracking consistently:

1. Repairs and maintenance per unit
   This reflects the average monthly repairs and maintenance cost per unit, based on trailing 12-month annual expenses. It includes unit turnover work and third-party services. In a high-turnover market like Saskatoon, this metric becomes a leading indicator of margin pressure.
2. Controllable expenses per unit
   This reflects the average monthly controllable operating cost per unit, based on trailing 12-month annual expenses. It captures costs management can influence more directly, including administration, payroll, repairs and maintenance, utilities, marketing and management fees.
3. Total expenses per unit
   This reflects the average monthly total operating cost per unit, based on trailing 12-month annual expenses. It includes controllable expenses plus real estate taxes, insurance and other operating costs.

Nationally, total expenses averaged $8,004 annually, based on trailing 12-month annual operating expenses. Even if Saskatchewan operators have different baselines, the point remains: in a higher-churn environment, cost creep can arrive quickly if turn processes and vendor management are not tightly run.

What this means for Saskatchewan housing providers

Saskatchewan is not simply following Canada. It has its own operational signature right now:

• Rent growth is steady but not strong, so providers cannot rely on pricing alone to carry performance.
• Turnover is unusually high, which increases workload and amplifies the financial impact of make-ready speed and maintenance discipline.
• Digital conversion is comparatively strong, signalling a meaningful opportunity to keep reducing friction in the prospect-to-lease journey.
• Resident length of stay is shorter, which is a reminder to treat retention as a core operational KPI, not a nice to have.

Planning for 2026, Saskatchewan housing providers can benefit from building decision-making around a few practical KPIs: turnover rate, average length of stay, vacancy and digital prospect conversion. These measures connect directly to staffing plans, marketing budgets, vendor contracts and capital planning.

The market is loosening, but it is still competitive. Operators who pair disciplined operating metrics with a smooth leasing and resident experience will be best positioned to protect NOI and keep teams focused on what matters most.

Read the full report: yardi.com/cndmultifamilyreport

BUDGET 2026-27: HOW “PROTECTING SASKATCHEWAN” MATTERS TO RENTAL HOUSING PROVIDERS ACROSS OUR PROVINCE 

On March 18, the Government of Saskatchewan tabled its 2026-27 provincial budget under the theme of Protecting Saskatchewan. For Rental Housing Saskatchewan (RHSK) and the housing providers, property managers, and industry we proudly represent, that theme resonates. Saskatchewan’s rental housing market is one of the most competitive and affordable in Canada. Protecting that edge requires continued policies that grow housing supply without undermining the providers and investment that makes it possible.  

The 2026-27 budget delivers on several fronts that matter directly to the rental housing sector and the tenants we house. 

“Saskatchewan’s affordability advantage doesn’t happen by accident,” said Landon Field, CEO of Rental Housing Saskatchewan. “It is the product of deliberate policy choices that keep costs manageable and attract investment. We are pleased to see measures that strengthen the entire housing ecosystem, from enhancing supports for those who need it most, to increasing timely access to justice, to growing housing availability through the extension of the Secondary Suite Incentive.” 

Secondary Suite Incentive: The Right Tool, Extended 

Of all the housing measures in this budget, the extension of the Secondary Suite Incentive (SSI) to March 31, 2027, is the one RHSK is most pleased to highlight. Nearly 1,000 new units have been added since the program launched in 2023. Secondary suites are infill by nature, adding rental supply in established neighbourhoods at a fraction of the cost of large-scale programs. 

“The Secondary Suite Incentive is smart and cost-effective housing policy,” said Field. “It leverages private investment, grows rental supply where people already want to live, and delivers results. Nearly 1,000 new units since 2023 speaks for itself. Extending this program is absolutely the right call.” 

The 2026-27 budget is a steady-handed document built for uncertain times. This budget avoids the tax increases and heavy-handed interventions like rent control that would erode Saskatchewan’s hard-won competitive edge and decimate housing affordability, while delivering real supports for tenants, meaningful judicial capacity, and a renewed commitment to the supply-side housing policies that keep this province’s rental market one of the best in Canada. RHSK thanks the Government of Saskatchewan for its continued engagement with the rental housing sector and looks forward to building on this foundation in the year ahead. 

Social Services: Stronger Supports Mean More Stable Tenancies 

The 2026-27 Social Services budget delivers a series of targeted investments that directly benefit renters and the housing providers who serve them. A $3.2 million investment expands the Saskatchewan Housing Benefit, increasing core monthly benefits by 20 per cent and providing a 40 per cent increase through the Supportive Housing stream for renters receiving stability support. SAID clients will see residential support benefits grow by 30 per cent over three years. For SIS clients, a new recoverable $1,000 utility arrears benefit will help prevent evictions. For those who require additional support, direct pay for rent and utilities is also available upon request. The budget also commits to new supportive housing spaces with expanded trusteeship capacity for income assistance clients, a commitment of RHSK views as one of the most impactful housing stability measures in the entire budget. $17.6 million will support repairs to provincially owned housing units and the creation of new affordable units through the Rental Development Program. 

“Trusteeship is a program that works,” said Field. “It gives income assistance clients the support structure they need to maintain stable housing, and it gives housing providers the confidence to house them. The promise to expand trusteeship capacity with additional spots, as well as increases to income assistance, is welcome news for everyone in the rental housing ecosystem.” 

Justice: Timely Access Means a Functioning Housing System 

The Ministry of Justice and Attorney General is investing nearly $269 million in 2026-27. A functioning rental housing system depends on a functioning court system, and this budget delivers meaningful capacity. Four new Court of King’s Bench associate judges, three new Provincial Court judges, and six new justices of the peace will be appointed to reduce backlogs and ensure disputes are resolved without undue delay. The budget also provides $3 million to continue the Court Modernization Project, including upgraded scheduling technology that will mean more predictable timelines province wide. 

“Rental housing providers and the families we serve rely on a well-functioning and efficient Office of Residential Tenancies,” said Field. “Timely access to justice and investments in community safety are paramount as rental housing providers continue to offer high-quality and safe communities for families. This budget expands the progress of adding Deputy Sherrif’s, funding the ORT, and expanding SCAN capabilities to keep our communities safe.”

Saskatchewan is taking a practical step to expand rental options and support homeowners through the Secondary Suite Incentive (SSI) Grant Program. This is a provincial incentive designed to boost the supply of affordable rental units while helping residents offset construction costs. The program offers 35% of the total cost to build a new secondary suite, up to $35,000, making it one of the most significant housing incentives currently available in the province.

You can read the full article here, and you can find more information here.

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SASKATOON, SK — Saskatchewan continues to stand out as one of Canada’s most affordable provinces for renters, offering stable housing costs and a responsive rental sector. With average rents significantly lower than those in provinces with rent control, and a strong Residential Tenancies Act, Saskatchewan’s rental market is proving that affordability can be achieved without additional regulation.

Recent research commissioned by Rental Housing Saskatchewan (RHSK) reveals that rent increases in the province have been modest over the past decade, with a growth rate of just 31% compared to 58% nationally. The average rent-to-income ratio sits at 26%, below the national average. Rental arrears are also low, at just 3%, over half the national average, indicating strong payment stability among tenants.

RHSK is urging governments to focus on policies that expand housing supply and protect existing rental stock, rather than introducing rent control measures that have consistently led to unintended consequences in other jurisdictions. These include reduced investment, deteriorating housing quality, and the withdrawal of rental units from the market, particularly by small and mid-sized providers who are already facing steep increases in property taxes, insurance, utilities, and maintenance costs.

Saskatchewan’s leadership in housing starts this year is a promising sign that supply is beginning to catch up with demand. RHSK supports practical, evidence-based solutions such as streamlining zoning and permitting, targeted rent subsidies for low-income households, and partnerships that incentivize affordable development.

Rental Housing Saskatchewan continues to advocate for collaborative approaches that strengthen the rental sector and ensure Saskatchewan remains a place where families can find a home they can afford, without compromising quality or supply.

RHSK Research

What Saskatchewan’s rental data tells us about renter behaviour in 2025

By Peter Altobelli, VP and General Manager, Yardi Canada Ltd.

Canada’s multifamily rental market is entering a period of recalibration. Slower immigration growth and ongoing economic uncertainty are beginning to cool demand across many provinces. But in Saskatchewan, the story is more layered. Rent growth is still strong, and digital leasing interest remains healthy, yet high turnover and rising vacancy suggest more choice and more movement among renters.

This article uses key insights from the Q3 2025 Yardi Canadian National Multifamily Report to examine the state of the market in Saskatchewan, particularly in Saskatoon, and what property managers can do to adapt.

National slowdown, local resilience

Across Canada, in-place rents rose 4.8% year-over-year to reach an average of $1,720. This represents a slowdown from previous quarters, as population growth eases and new lease rates soften. New lease-over-lease growth, a key measure of how rents are trending for new tenants, dropped to just 2.8%, its lowest level since tracking began in 2020. Renters are now staying in their units an average of 37 months, signalling a more stable but less fluid renter base.

The broader market shift is tied to two factors. First, Canada’s federal immigration strategy now aims to reduce the share of non-permanent residents, with nearly 950,000 fewer expected over the next two years. Second, uncertainty around U.S. trade tariffs and a sluggish economy have led to a policy pause from the Bank of Canada, holding the interest rate at 2.75%.

While some urban centres are feeling the pressure, Saskatchewan continues to show steady demand, making it one of the more resilient regions in today’s multifamily market.

Saskatoon shows strength with signals of change

Among Canada’s Census Metropolitan Areas (CMAs), Saskatoon stands out for its rent growth. In-place rents climbed to $1,449, up 6.1% year-over-year, one of the strongest increases in the country. New lease-over-lease rent growth is also holding steady at 3.6%, suggesting that renters are still willing to pay for the right unit.

That said, several metrics show increased fluidity in the market:

• Vacancy rose to 3.5%, a sign that either new supply is coming online or renters are cycling through units more quickly.
• Annual turnover reached 39.8%, the third-highest in Canada behind only Calgary and Halifax.
• Digital leasing activity remains robust, with 22 digital prospects per 100 units per month — indicating consistent renter engagement through websites, ILS, search, social media and other online channels, slightly above the national average.

These figures paint a picture of a market with active demand, but also higher competition and more movement. Renters have more inventory to choose from and may be switching homes for better pricing, amenities or service.

Understanding renter motivations

It’s not just economics shaping this behaviour. Surveys by simplydbs have shown that 80% of renters prefer mobile-friendly communication tools, and many expect to handle leasing, maintenance requests and rent payments online. Convenience is no longer a bonus feature, it’s the baseline.

This shift in renter expectations, combined with Saskatchewan’s relative affordability, is attracting both younger tenants and families relocating from higher-cost provinces like Ontario and BC.

Here’s what the data means for housing providers today.

1. Refresh your marketing for evolving demand

Lease-over-lease rent growth shows that renters are willing to pay more when they see value. With affordability still on Saskatchewan’s side, providers can market their units to a broader audience, including newcomers and those relocating from more expensive regions.

Key messaging should focus on:

• Transparent pricing and clear value
• Convenience, digital accessibility and location
• Energy efficiency or comfort-focused features
• Flexible leasing options that suit a variety of renters

Property managers should also ensure listings are easy to find and mobile-optimized, with clear photos, availability details and contact options. Digital lead capture is now a fundamental part of marketing, not a nice-to-have.

2. Focus on tenant retention to reduce turnover costs

With annual turnover near 40%, the cost of leasing, marketing and preparing units between tenants adds up quickly. Encouraging lease renewals is one of the most effective ways to improve stability and reduce operational costs.

Some strategies to help retain residents:

• Offer flexible lease renewal terms
• Provide loyalty incentives such as small rent discounts or amenity access
• Enhance the move-in and move-out process with checklists and welcome packages
• Keep communication clear and responsive, particularly through digital platforms

Renters today are not just comparing units, they’re comparing experiences. The more proactive and personal your service feels, the more likely tenants are to stay.

3. Prepare for more competition with better tech

As vacancy edges up, competition between properties will intensify. The fastest way to stand out isn’t always with a new amenity. Often, it’s with a smoother experience.

Consider prioritizing:

• Online leasing applications
• Digital rent payment and maintenance request systems
• Real-time communication tools
• CRM platforms that help you track prospect and resident interactions

As the simplydbs survey found, most renters now prefer mobile-based building communication. This means providers who rely solely on email or phone calls may be falling behind expectations.

More inventory on the market means residents will gravitate toward properties that offer both value and convenience. The right digital tools can help housing providers deliver both.

Final thoughts

Saskatchewan’s rental market is in a strong position, even as national demand slows. Saskatoon is showing healthy rent growth and digital interest, which suggests there is still upward momentum. However, rising vacancy and turnover indicate a need for sharper strategies.

To remain competitive, housing providers should take a close look at their leasing processes, retention programs and digital engagement efforts. Those who adapt to changing renter behaviour, and who clearly communicate value, will be best positioned to succeed.

To learn more about these insights and access the full Q3 2025 report, visit: Yardi Multifamily Market Reports for Canada