Saguenay occupies a unique position in Quebec's 2025–2026 rental landscape. While most of the province's metropolitan areas saw their vacancy rates rise — Montréal, Quebec City, Gatineau, and Sherbrooke all recorded improvements — Saguenay was the only CMA (Census Metropolitan Area) in Quebec where the vacancy rate actually fell in 2025. At the same time, rents rose 11%, the second-highest increase among all Quebec CMAs after Trois-Rivières. The city is simultaneously looser and tighter than it looks. Rentack unpacks both sides.
The Numbers That Define Saguenay's Market
Verified CMHC data and reporting from Le Réveil Saguenay, FRAPRU, and Radio-Canada:
2023: ~$750/month average rent — 1.3% vacancy — rents +8.6% 2024: $846/month — 1.6% vacancy 2025: $941/month — 1.3% vacancy — rents +11%
The 11% rent jump — roughly $95 more per month — is the second-steepest among Quebec's CMAs in 2025, per FRAPRU.
The vacancy decline from 1.6% to 1.3% while the rest of Quebec was loosening is Saguenay's defining data point for 2025. It means demand is outstripping whatever new supply is entering the market — the opposite of the provincial trend.
By unit type (CMHC 2025 data per Le Réveil):
- 1-bedroom (3½): $762/month (+15%) — the steepest increase by type
- 2-bedroom (4½): $985/month (+12%)
- 3-bedroom (5½): $1,054/month (+7%)
The fact that the smallest units are seeing the fastest price increases tells you something important: demand for affordable, smaller apartments — from students, singles, and low-income households — is the most acute shortage in the market.
Borough by Borough: Three Very Different Markets
Saguenay is composed of three former cities merged in 2002 — Chicoutimi, Jonquière, and La Baie — each with a distinct rental sub-market.
Chicoutimi: The Core, with Chicoutimi-Nord at 0%
Chicoutimi is the central, most populous borough. Within it, the Chicoutimi-Nord sector recorded 0% vacancy in 2025 — literally no units available at survey time. Loge m'entraide coordinator Sonie Côté flagged this publicly as "worrying." The downtown Chicoutimi corridor around Boulevard du Royaume and the Old Port has the city's deepest stock of existing rental units, a mix of older converted buildings and newer construction.
Jonquière: From 2.5% to 1.6% in One Year
Jonquière is the industrial borough, near Rio Tinto's aluminum smelter and major forestry operations. Its vacancy rate fell from 2.5% to 1.6% between 2024 and 2025 — a meaningful tightening in a context where the rest of Quebec was loosening. Workers drawn to Jonquière by industrial employment are pressuring a stock that hasn't added enough units in recent years.
La Baie: 0.7% — But the City's Biggest Project Is Here
La Baie is the easternmost borough, directly on the Saguenay fjord. At 0.7% vacancy, it's in significant shortage — but it's also where the largest private development project in all of Saguenay is currently under construction.
The Projects: From Modular Affordable to 350-Unit Private Development
Développement Horizon — 350 units in La Baie ($80M, in progress)
The largest and most ambitious project in the Saguenay rental market. Développement Horizon, led by three developers including Hugues Dresdell, obtained construction permits for 350 units on Rue des Frênes in the Bagotville sector of La Baie — with views of the Baie des Ha! Ha! fjord.
The project, valued at $80 million, involves several multi-storey buildings with green space along the street frontage. The first two buildings of 20 units each were targeted for completion by end of summer 2024, with occupancy before winter. Development continues in phases toward the 350-unit total.
This is not an affordable housing project in the subsidy sense — rents will reflect the new construction premium and the quality of the location. But 350 units in La Baie is a substantial addition to a sector at 0.7% vacancy, and it represents a significant private investment in the city's residential supply.
Les Îlots du Royaume — 24 modular affordable units in La Baie (delivery April 2025)
In October 2024, the Quebec government, the City of Saguenay, and the OMH de Saguenay announced the construction of 24 affordable units in the Bagotville sector of La Baie, on Rue Saint-Marc — on the site of the former Saint-Marc community pavilion, destroyed by fire in 2017.
Project: Les Îlots du Royaume, built by Les Industries Bonneville using fully modular construction. Investment: $8.5 million, including $6 million from the SHQ, $1.6 million from the City of Saguenay (land donation, infrastructure work, tax credit, and direct contribution), and $600,000 from the OMH.
The modular method meant wall assembly completed in days on a prepared site. First tenants were expected in April 2025. Mayor Julie Dufour noted: "We're staying open to innovative methods to put projects together more efficiently and more quickly."
Groupe JCO — Le Trefflé in Jonquière and Chicoutimi projects ($16M)
Private developer Groupe JCO (Jérémi Foucault and Jean-Daniel Tremblay) is adding roughly 50 high-end units across Chicoutimi and Jonquière in two projects totalling $16 million in investment.
Le Trefflé in Jonquière, on the banks of the Rivière-aux-Sables, offers 24 units of studios, 1-bedrooms, and 2-bedrooms starting at $1,250/month, targeting retirees who have sold their homes but aren't ready for a private seniors' residence. Delivery was set for July 1, 2025.
The firm previously completed smaller projects on Rues Jacques-Cartier and Racine in Chicoutimi (completed 2024), which it described as concept-testing for higher-density residential development.
Unitaînés Jonquière — 100 senior units (expected 2027)
Radio-Canada reported in May 2026 that the Unitaînés project in Jonquière — 100 affordable units for low-income seniors — should be "available within the next year," pointing to a 2027 delivery. Mission Unitaînés has delivered similar projects across Quebec.
Habitations Saint-Joachim — Social housing at $675/month all-inclusive
In Chicoutimi, Habitations Saint-Joachim offers social housing units at approximately $675/month electricity included — among the lowest available prices in the market, managed through the OMH de Saguenay for low-income households.
The OMH Waitlist: 500 Households, Unchanged
The number that cuts through all the project announcements is this: as of July 1, 2026, the OMH de Saguenay's waitlist for subsidized housing held 500 households — the same number as a year earlier.
Adam Boivin, OMH deputy director, confirmed the organization's target of 50 new units per year — a rate that would take a decade to absorb the current 500-household backlog, assuming no new households join the list.
UQAC and Student Demand: A Structural Factor
Université du Québec à Chicoutimi (UQAC) generates consistent, seasonal rental pressure. Each September, thousands of students — many from outside the region — look for housing in Chicoutimi. On-campus residence capacity falls far short of meeting this demand.
Cégep de Jonquière — one of Quebec's largest cégeps outside Montreal — adds its own student population to Jonquière's market.
For students arriving in Saguenay: search in January–February for July 1 occupancy. The area around UQAC in Chicoutimi is the most competitive. Jonquière offers slightly lower prices with direct Cégep access.
What This Means for Renters and Landlords
Saguenay is the only Quebec CMA that got tighter in 2025. That's not a headline buried in footnotes — it's the market reality that distinguishes Saguenay from every other major Quebec city right now.
For renters: the combination of falling vacancy and 11% rent increases means the usual advice applies with extra urgency here. Start early, decide fast, and know your neighbourhoods (Chicoutimi-Nord is the most constrained; La Baie's new 350-unit project will gradually add options).
For landlords: demand is structurally supported by UQAC, Cégep de Jonquière, Rio Tinto Alcan, and the forestry sector. Even as Horizon La Baie adds supply at the higher end, well-maintained affordable units in central locations face essentially no competitive pressure. List your unit at dashboard.rentack.com.
Sources: CMHC Rental Market Reports 2024 and 2025; Le Réveil Saguenay December 2025; Radio-Canada Saguenay–SLSJ 2024–2026; FRAPRU compilation 2025; Loge m'entraide Saguenay; Informeaffaires.com January 2025; Radio-Canada February 2024 (Horizon La Baie). Compiled by Rentack, July 2026.
Apartments in Saguenay: rentack.com/apartments-for-rent-saguenay. Landlords: dashboard.rentack.com.
