Rental Market Trends in Thunder Bay, ON

What is the average rent in Thunder Bay, ON?

C$1,479/month

Average Rent

652 Sq Ft

Average Apartment Size

+1.3%

Increase in the Last Year

As of May 2025, the average rent in Thunder Bay, ON was C$1,479/month. When you rent an apartment in Thunder Bay, you can expect to pay as little as C$1,374 to as much as C$1,981, depending on the location and size of the apartment.

Floor Plan Type

Average Rent

Average Sq Ft

Studio

C$1,374/month

414 Sq Ft

One Bedroom

C$1,479/month

652 Sq Ft

Two Bedroom

C$1,667/month

611 Sq Ft

Three Bedroom

C$1,981/month

790 Sq Ft

Floor Plan Type

Average Rent

Average Sq Ft

Floor Plan Type

Average Rent

Average Sq Ft

Floor Plan Type

Average Rent

Average Sq Ft

How much has average rent changed in Thunder Bay, ON?

In the past year, rent has increased by 1.3%, which averages out to C$19 more per month.

Percentage*

Rent Range

0% Below C$700/month

0% C$700 - C$1,000/month

29% C$1,001 - C$1,500/month

57% C$1,501 - C$2,000/month

14% Above C$2,000/month

What salary do I need to live comfortably in Thunder Bay, ON?

Because the average rent in Thunder Bay is C$1,479, you’ll want to make about C$4,930 per month or C$59,160 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.

How does Thunder Bay, ON compare to other nearby cities and neighborhoods?

Use the tool below to compare Thunder Bay, ON to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.

Apartment Averages

Apartment communities in Thunder Bay we think you'll love

Parklane Townhomes

930 Neebing Av,
Thunder Bay, ON P7E 3L5

3 Beds | C$1,799 - C$1,898

Moodie Apartments

1721-1741 Moodie St,
Thunder Bay, ON P7E 4Z1

1-2 Beds | C$1,320 - C$1,420

448 Hodder Ave

448 Hodder Ave,
Thunder Bay, ON P7A 1T8

3 Beds | C$2,200

39 Empress Ave N

39 Empress Ave N,
Thunder Bay, ON P7A 6B8

3 Beds | C$2,125

Canada Ontario Thunder Bay Rental Trends

Methodology

† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.

* Percentages may not total 100 due to rounding.