Kitchener home to Canada’s fastest-rising rental prices: report
Published Tuesday, May 16, 2017 5:25PM EDT
People looking to rent homes in Kitchener are faced with rental prices climbing faster than they are anywhere else in Canada, according to a new report.
Every month, PadMapper analyzes data from rental listings and uses it to paint a picture of the rental landscape across the country.
Its latest report was released Tuesday. It found that the median price of a one-bedroom unit in Kitchener stands at $970.
That price represents a 15.5 per cent increase over May 2016 – the highest increase in the country, edging out Toronto’s 15.1 per cent and Barrie’s 14.6 per cent.
For two-bedroom units, the median price jumped by 15.1 per cent year-over-year to $1,220. Victoria, B.C., saw the same increase, while Toronto’s came in slightly lower at 14.8 per cent.
Those figures make Kitchener the 11th most expensive rental market of the 25 cities surveyed by PadMapper. In Ontario, Kitchener remains cheaper than Toronto, Barrie, Ottawa, Kingston and Oshawa, while being more expensive than St. Catharines, Hamilton, London and Windsor.