08:50 AM EDT, 10/03/2024 (MT Newswires) -- Boardwalk REIT (BEI-UN.TO) on Thursday said its operations show the continued strong demand for affordable rental housing.

Its average occupied rent of $1,485 per month for August, was 36% below the Canadian average listing rent of $2,310 for a two-bedroom apartment unit. Edmonton, the Trust's largest market, has an average listing rent for a two-bedroom apartment of $1,704, according to Rentals.ca. Boardwalk REIT's occupancy rate stands at 98.1%.

Boardwalk has taken a more conservative approach on market rent adjustments to ensure strong occupancy during the winter months. It continues to see renewal leasing spreads within its targeted 7-9% range on a year-over-year basis in Alberta.

The Trust will report its third quarter results on Nov. 5.