Market watch: Trending rent costs

A recent report sheds light on which markets have the fastest growing median rent, as well as those with declining rents.

Investors looking for their next cash-flowing property may want to target three markets while avoiding three others, according to the latest rent report from padmapper.com, a rental listings website.

Markets with upward-trending rents

Kingston, Ontario, saw its median rent for a one bedroom unit jump 5.3% month-over-month to $990. Two bedroom homes, meanwhile, saw the median rent increase 2.6% to $1,180.

Halifax, Nova Scotia also reported median rent hikes. A one bedroom unit jumped 4.7% to $900 per month in rent, while a two bedroom unit now costs a $1,140 (+3.6%). 

Finally, Kitchener Ontario finds itself a costlier place to rent amid the tech boom in nearby Waterloo. Rent increased 4.4% to $940 for a one bedroom and 1.7% for a two bedroom, which now cost an median of $1,170.

Downward trending markets

Markets investors may avoid – for now at least – include Ottawa, which saw its median one bedroom rent decrease by 2.8% to $1,050. Two bedroom apartments experienced no change in median price, costing an average of $1,300.

Calgary, meanwhile, saw its one bedroom homes dip by 3.8% to $1,100; two bedrooms now cost around $1,270 (-1.6%).

Finally, Oshawa Ontario’s one bedroom units fell 1.6% to $960.

“Similar to last month, Canada continues to see mixed price trends across its cities,” Padmapper said in its report. “For one bedroom median rent, 13 cities have growing prices, 8 have decreasing prices, and 4 have no change.”

See below for a breakdown of the costliest markets, and how they each performed month-over-month.


 

Get a head start on your summer investments. Subscribe now to get this year’s cottage country guide.

Invest in your dream cottage country getaway while maximizing ROI. Find out how with the next issue of CREW.

Be the first to know the top market gems to invest in for cash flow. Subscriber now to get this year’s cottage country guide.

https://kmi.magazinemanager.com/subscribe/subscribe_renewOnlineCFGS_KMI.asp?source=SPRING17&input=


Related stories:

Saskatoon apartment vacancy reaches record levels
Learn from a flipping pro

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?