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TechnologyWindsor-area rents rising faster than anywhere in Canada

08:45  18 july  2019
08:45  18 july  2019 Source:   windsorstar.com

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Monthly rental rates have surged in Southwestern Ontario in the past year with Windsor posting the largest jump of any Canadian city. The rate for a one-bedroom apartment in the nation’s most southern city rose 15.5 per cent between June 2018 and June 2019.

Windsor-area rents rising faster than anywhere in Canada© Dax Melmer A rental sign is pictured out front of 1616 Ouellette Ave., Wednesday, July 17, 2019. Monthly rental rates have surged in Southwestern Ontario in the past year with Windsor posting the largest jump of any Canadian city.

Monthly rental rates have surged in Southwestern Ontario in the past year with Windsor posting the largest jump of any Canadian city.

The rate for a one-bedroom apartment in the nation’s most southern city rose 15.5 per cent between June 2018 and June 2019.

“It has increased substantially,” said Tina Roy, president of the Windsor-Essex County Association of Realtors and an agent for ReMax.

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In the D.C. region, rents have risen faster than incomes. (Andre Chung for The Washington Post). More bad news for Washington’s renters: Nowhere have rents risen faster in the past several decades than the D.C. region. For anyone who leases in this area , that’s hardly surprising news.

While rents rose across the country, the highest rents remained in the Northeast, and the lowest were in the Midwest and the South. Newark had an average rent of ,962 for one-bedroom rentals in 2018, placing it at the top of the list of cities with the fastest - rising rental prices.

“We’ve also been experiencing higher values in the housing market and the two definitely go together. I’d say we’re a couple hundred bucks (a month) higher than in the past.”

Following closely behind in the survey were: St. Catharines (15.1 per cent), Hamilton (14.7), Kitchener (13.3) and London (10.4). Toronto was eighth on the national list at 10.1 per cent.

PadMapper, an apartment rental search engine, compiles the monthly and yearly rental rate figures.

Despite the increase in monthly rates, Windsor remains among the most affordable rental markets in Canada.

Windsor-area rents rising faster than anywhere in Canada© Dax Melmer A rental sign is shown outside of 1541 and 1545 Ouellette Ave., Wednesday, July 17, 2019. Monthly rental rates have surged in Southwestern Ontario in the past year with Windsor posting the largest jump of any Canadian city.

The average monthly rate for a one-bedroom apartment in the city is now $820 while the rate for a two-bedroom apartment is $990.

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Only Quebec City and St. John’s, Nfld. rank lower in the 24-city survey with one-bedroom apartments going for $810 monthly.

“For a long time there wasn’t much growth in the Windsor area, so this is us catching up,” Roy said.

The average costs for London were $1,060 for a one bedroom and $1,210 for a two bedroom. Kitchener rose to $1,280 and $1,480, Hamilton is $1,250 and $1,500 and St. Catharines is $1,220 and $1,470.

Toronto is the nation’s most expensive rental market for a one-bedroom apartment with a monthly average of a $2,290 while a two-bedroom costs $2,850. A one-bedroom in Vancouver goes for $2,200 but a two-bedroom will set you back a whopping $3,200 per month.

Roy said the high demand for houses also translates into a very competitive rental market.

Windsor-area rents rising faster than anywhere in Canada© Dax Melmer A rental sign is shown out front of 1616 Ouellette Ave., Wednesday, July 17, 2019. Monthly rental rates have surged in Southwestern Ontario in the past year with Windsor posting the largest jump of any Canadian city.

The most sought after locations for apartments are Tecumseh, South Windsor, LaSalle and Windsor.

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A newsagent in Kinsale, Co Cork where house prices are now rising faster than anywhere else in the State, up 40 per cent in the last 12 months. Outside of Dublin, Greystones and Bray in Co Wicklow were the two areas with the highest average prices of €404,717 and €363,907 respectively.

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“The vacancy rate is very low,” Roy said. “We’re absolutely getting bidding wars (for apartments).”

Roy said what’s driving the rising prices in both the housing and rental sectors is the most basic of market forces — supply and demand.

Roy said she’s getting a steady stream of calls from out-of-towners interested in moving here or investing in the Windsor area.

“There’s still an immense number of people moving into this area,” Roy said.

“Some want to rent first because they’re not sure where they want to buy a house in the area or they’re waiting to settle more into their jobs or whatever brought them here.”

Roy added the markets have ‘calmed’ a bit in the last six weeks from the crazy pace that was going on, but activity remains robust.

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Even with a few economic storm clouds looming in a slowing auto industry, Roy doesn’t foresee any dip in the market anytime soon.

“I see the job market shifting locally,” Roy said.

“The Big Three are no longer the only drivers of Windsor’s economy. We’re diversifying and people are coming here for other reasons.

“More people are working from home. There are lot of people coming here, who are still employed in the Greater Toronto Area, but have come because they can have a better quality of life here.”

dwaddell@postmedia.com

twitter.com/@winstarwaddell

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