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Windsor has the lowest average apartment rents among 19 Ontario cities in rentals.ca’s October survey of 35 municipalities across Canada.
The average rent for a one-bedroom apartment locally is $1,529 while a two-bedroom apartment is $1,952. That represents a decline month-over-month of 3.7 and 2.5 per cent, respectively.
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The 3.7-per-cent drop in rent for a one-bedroom apartment was the largest decline in the nation.
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“It’s the time of the year when landlords that have units after September and the students have already come, need occupants because there’s less demand,” said Goldmar Property Management owner Patrice Surette.
“Some landlords are making price adjustments because coming up to Christmas is a slow period.”
Surette said the rentals.ca averages for apartments are actually higher than what is available on the market. She notes those figures also include condos, single-family homes and townhome rentals that easily run $2,000 to $3,400.
“It’s crazy, $1,952 for a two-bedroom apartment,” said Surette, who oversees 1,300 units.
“We have nothing near that price for a two-bedroom. It’s $1,600 to $1,700 and $1,200 to $1,300 for a one-bedroom.”
Windsor’s average rent places the area 28th out of 35 communities surveyed across Canada. The most expensive city was Vancouver (1BR-$2,976, 2BR-$3,908) and the cheapest was Saskatoon (1BR-$1,070, 2BR-$1,244).
The average rent for a one-bedroom in Ontario is $2,281 per month while a two-bedroom apartment commands $2,755. Nationally, the average rental for a one-bedroom apartment is $1,868 and a two-bedroom is $2,219.
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Dan Gemus Real Estate Team director of sales Joyce Blackmere admitted she’s surprised at the size of the percentage drop given the strong demand she’s seeing in the market.
“We never did a lot of rentals in our (MLS realtors’) market, but that changed five years ago,” Blackmere said.
“We’ve done more the double the number of rental agreements we typically do in a year so far. There’s still demand and often competition for rentals.”
Blackmere said she suspects some landlords, who may have been holding out for higher rents to cover higher interest costs, are relenting.
“I think we may be seeing people who bought property or built properties when prices were high and rates low are just trying to get occupants,” Blackmere said. “They need to have some type of income coming in to cover their expenses.”
Manor Realty general manager Rob Agnew said softness has also crept into the rental market for condos, townhomes and single-family dwellings putting downward pressure on rents.
There have been 181 homes available for lease in the past 90 days, but only 10 of those have been rented.
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“Of the 10 leased homes, the rent ranges from $1,550 to $2,700,” Agnew said. “There are 17 upper-end homes available with rents between $3,500 and $4,900 per month and none have been leased.”
The condo and condo townhome market is even chillier for landlords. Of the 67 units available for lease in the past three months, only one has been rented.
“Just like the resale home market has seen a price stabilization, the rental market is experiencing the same thing,” Agnew said.
“Prices were so high, people aren’t renting for those prices. With people not grabbing the hook, landlords with units not leased are forced to adjust prices.”
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Surette said the rental market’s price moderation is also the result of a healthier balance of types of rentals and locations.
New units aren’t all aimed at students and are not all located close to the university or college. Surette added there’s also a good mix of rental styles with both condos and apartments being added.
“More units have come online, such as a few buildings in Tecumseh,” Surette said. “Some are condos and some apartments and, in that location, they’re not aimed at students. They’re also a good mix of ownership and rental options.
“There’s also a healthy number being built downtown in the core that will be good additions.”
Dwaddell@postmedia.com
Twitter.com/winstarwaddell
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