City apartment rentals still relatively affordable, industry report suggests
Windsor renters might want to think twice when complaining about local rates.
According to the latest National Rent Report — released by Rentals. ca and Bullpen Research & Consulting — Windsor ranks as one of the most affordable urban centres in Canada to rent a one-bedroom apartment.
The report's data and calculations put the average monthly rate for a one-bedroom unit in Windsor at $1,092, as of November.
That places Windsor at 27th on a list of 35 major cities across the country.
At the top of the list, one-bedroom homes in North York, Toronto and Vancouver have average monthly rates that exceed $1,900.
But even compared to Ontario cities of comparable size, Windsor has inexpensive rent: Our rates are cheaper than Hamilton, Guelph, Kitchener and London.
That doesn't mean Windsor's rates can't increase: The report notes that the average monthly rate for a two-bedroom unit in Windsor ($1,580, as of November) has risen by 9.4 per cent compared to last month, one of the biggest hikes in the report.
However, going by that metric, Windsor is still at a relatively inexpensive 23rd place on the list.
Meanwhile, two- bedroom homes in Toronto have an average monthly rent of $2,531. In Vancouver, you can figure on paying $2,712.
All that said, the report suggests evidence is growing of a geographic shift in the demand for rental properties: From small units in major metropolitan areas to more comfortable units in modest cities.
“As more tenants work from home, they continue to look for larger, but less expensive units in smaller communities,” the report states.
Despite rent in places like North York, Toronto, East York and Etobicoke being more expensive in terms of absolute dollars, they've all seen declines in their local averages.
Meanwhile, places like Kitchener, Hamilton and London are seeing increases in their averages.
“Data backs up the Urban Exodus theory in Ontario,” the report states.
Ben Myers, president of Bullpen Research & Consulting, said Ontario web traffic to the Rentals. ca site has been suggesting that “many prospective tenants are widening their search area when looking for a rental property.”