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Kitchener rent continues to soar despite national average decreasing by 7 per cent

The city saw a significant increase of almost 20 per cent for one-bedrooms
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(via Dan Toulgoet)

The City of Kitchener is continuing its trend of defying the national average for rent after a report shows Canadian properties going down by 7.1 per cent year-over-year. 

A report from Rentals.ca showed that rental properties on the website in Canada was listed at an average of $1,723 per month had decreased by about seven per cent year-over-year. in contrast, Kitchener saw an average monthly rent for a one-bedroom at $1,424, up almost 20 per cent year-over-year.

This placed Kitchener 17th for average monthly rent for a one-bedroom, and 19th for a two-bedroom that was averaged out at $1,688. 

With these prices, the city saw an increase of 19.7 per cent and 8 per cent year-over-year respectively. 

While not included in the list of cities in the reports, Waterloo saw the monthly average rent for a one-bedroom to be at $1,500, and a two-bedroom was an average cost of $1,861. 

The report suggests that the downward trend for rental rates across other Canadian cities will continue for the next three to four months, due to the excess supply but weaker demand, and the ongoing pandemic.

Cities smaller than Toronto, but still close, are still expected to see their home prices increase throughout the pandemic.

"Hamilton experienced the highest average rent growth in all of 2020 at 24 per cent of cities in southwestern Ontario," said Paul Danison, Director of Content at Rentals.ca. "Kitchener came in second at 17 per cent followed by London at 16 per cent and St. Catharines at 7 per cent. Toronto average rents were down 9 per cent, with Mississauga, North York and Markham all down 7 per cent."

Ontario's monthly rent average at a provincial level was down 7.8 per cent.

The report looks at listings on Rentals.ca for 35 cities across Canada.

 

 




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