Average rental prices in August drop in Kitchener: report
A for rent sign hangs in a building window along King Street West in Kitchener. (Daniel Caudle/CTV News Kitchener)
Despite a downturn of 5.8 per cent drop in the average rental prices of a one-bedroom unit in Kitchener over the last month, the average rental price is still $222 higher per month compared to January 2022.
In August, the average rent of a one-bedroom in Kitchener was $1,723, while the same parameters would have cost $1,501 in January.
This comes from a report released on Thursday from Rentals.ca – a website that tracks the monthly average rent for all property types.
“There continues to be outsized rent growth in Canada, with the average listing on Rentals.ca nearly $200 more expensive than a year ago. The total number of listings on Rentals.ca is higher than one year ago, and the average listing is getting 38 per cent more pageviews, suggesting significantly more demand than last year. This year’s listings received almost 70 per cent more page views than the pandemic-impacted August 2020 figures,” the report concludes.
Based on online pageviews per listing, the report shows Waterloo region has jumped ahead of popular cities such as Vancouver and has the second most pageviews per listing.
Waterloo was the highest-ranked city in Ontario, the reports data shows.
TWO BEDROOM UNITS
Two bedroom units in Kitchener saw a slight decline in the average rental prices, with the report showing a 1.5 per cent drop in August compared to July.
The report shows the average rental price of two-bedroom units dropped to $2,149. At the start of 2022, the average price was $1,901.
“Rents for two-bedroom apartments in Ontario declined by 8 per cent from August 2019 to August 2020, while Nova Scotia rents increased by 8 per cent. Fast forward to August of 2022, two-bedroom apartments in Ontario have increased by 13 per cent annually, while one-bedroom apartments have increased by 8 per cent,” the report says.