The Cheapest Place To Rent In Ontario Actually Dropped In Price This Month
You might want to relocate if you're looking to save.
Housing prices are unattainable for many people at the moment, and those who can't buy must rent (or live with their parents). Unfortunately, renting in Ontario also isn't always the easiest on a person's wallet.
Zumper released its Canadian Rent report on December 15, and while some Ontario markets like Toronto shot up, Ontario's cheapest rent shot down.
A one-bedroom apartment in Windsor, Ontario, has gone down 3.4% in price to a median price of $1,150, according to Zumper, while a one-bedroom apartment in Toronto has gone up 2.8% to $1,850.
Despite Windsor's rental price decline, the report says, "rental demand in the bigger metropolitan cities has returned with full force as many renters may be trying to snag apartments before prices climb even more."
A one-bedroom apartment in Toronto has even "reached its highest price point since November 2020, signaling a clear rebound in this rental market."
Barrie and Ottawa have seen an increase in the rental price for one-bedroom apartments, with Barrie increasing by 4.9% to $1,700 and Ottawa climbing by 1.4% to $1,500.
"The Zumper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country" and creates a median rental price in 24 of the most populated metropolitan cities.
According to the report, Windsor is the 17th cheapest listed city to rent an apartment in Canada at the moment.
The five cheapest metropolitan areas to rent a one-bedroom in Ontario are as follows:
- Windsor, ON, $1,150
- London, ON, $1,280
- Kingston, ON, $1,340
- Hamilton, ON, $1,450
- St. Catharines, ON, $1,460