'It is high': Kitchener rental prices outpacing average income, officials say
According to the City of Kitchener, rental prices have been continuously climbing for the past 12 years.
The average rent for a property increased 41 per cent from 2009 to 2019. In 2020, the average asking price for a one-bedroom apartment hovers around $1,400 a month.
The city said incomes did not keep pace during that time. In 2016, the census showed 28 per cent of renting households in Kitchener needed to use more than 30 per cent of their income to afford average rent.
According to the city, it would likely apply to even more residents now.
“It is high. When you look at what the average area income is for the City of Kitchener and Waterloo Region in general, it really isn’t keeping pace with what rent is,” said Andrew Ramsaroop, Engagement and Program Manager with the Affordable Housing Strategy for the City of Kitchener.
According to a Canadian Mortgage and Housing Corporation report, in 2020, less than six per cent of the properties available were affordable to renters with incomes under $25,000 a year.
“Those experiencing visible homelessness has been slightly increasing as well. So the need for supportive housing, for community housing and affordable rentals still remains high,” Ramsaroop said.
Ramsaroop said there are more than 6,000 people on the community housing waitlist, which has increased throughout the COVID-19 pandemic. Whether it’s an issue of supply and demand, Ramsaroop said there isn’t a silver bullet answer to the issue.
“To say that you won’t pay rent will simply mean that you don’t have a place to live. And we all know that having a place to live is really important for your social determinant of health,” Ramsaroop said.
Ramsaroop added the rental market is even becoming an issue for those in higher income brackets in addition to those already disproportionately effected in the lower income brackets. He said it's why the city is working on a housing strategy and trying to make all forms of housing more affordable and available for all residents.
Kitchener was recently ranked in the top 10 of one-bedroom median rental prices in a report from Zumper.
Here is the full list and median price:
- Vancouver, B.C. ($2,000)
- Toronto, Ont. ($1,790)
- Burnaby, B.C. ($1,770)
- Victoria, B.C. ($1,660)
- Barrie, Ont. ($1,640)
- Kelowna, B.C. ($1,600)
- Oshawa, Ont. ($1,510)
- Kitchener, Ont. ($1,450)
- Ottawa, Ont. ($1,450)
- St Catharines, Ont. ($1,360)
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