An increase in rental rates in Windsor.
According to Zumper’s latest Monthly Canadian Rent Report, the average rent for a one-bedroom apartment in Windsor reached $1,270 in May, a 5% increase from April. It is also an increase of more than 15.50% compared to May 2021.
The 5% month-over-month increase for a one-bedroom apartment was also the largest increase in Canada, while the 15.50% year-over-year increase was the second highest in Canada.
The latest numbers put Windsor 18th in Canada out of 25 markets tracked by Zumper, just above Winnipeg and just $20 a month less than the average rental rate for one-bedroom apartments in Calgary.
The average rent for a two-bedroom apartment hit $1,540 in May, up 2.7% from April and 10% from May 2021.
Canadian Rent Report statistics compiled by Zumper. June 15, 2022 (Image courtesy of Zumper)
Zumper spokeswoman Crystal Chen said that as the summer months approach, that’s when demand typically spikes.
“A lot of leases are ending now and tenants are making their next move. We looked at 24 cities, 75% of the cities in the report were increasing monthly rents and 60% had double-digit rent price growth rates of one year on year,” she says.
Chen believes that in addition to seasonal factors creating competition for rentals, rising interest rates play a role.
People could, given the rise in interest rates, perhaps refrain from buying and continue to rent,” she adds.
Vancouver, British Columbia continues to rank as the most expensive city, with one-bedroom apartment rents rising 1.8% to $2,240. Toronto was the 2nd most expensive market with one-bedroom rent up 0.5% to $2,000.
Zumper, a property rental website, analyzes hundreds of thousands of listings to compile data on rental rates across Canada.