Average rent for all Canadian properties in October 2021 was $1,800 per month

Renters fleeing the central core of Toronto during the epidemic are likely to have exacerbated soaring rent rates in one Ontario community.

According to a new analysis from Rentals.ca and Bullpen Research & Consulting, rent rates in Kitchener increased 14% year over year in 2020 to $1,632, and then increased another 15% in 2021 to $1,881 – a total increase of 31% in the last two years.

Kitchener has experienced the highest rent hikes of any of the Canadian cities evaluated for the report. In fact, while Kitchener’s rent rates rose by 14 percent in 2020, rent costs in every other large city across the country fell. Renters in Toronto saw the steepest decline, with rates plummeting by 17 percent to $2,155.

In 2021, as Kitchener’s prices jumped 15%, Ontario’s neighbouring cities saw their prices rise as well, but considerably more slowly. Prices in Toronto are up 4% year over year, in Ottawa they are up 3%, and in Oakville they are up 2%.

“Kitchener has become extremely popular in recent years, likely amplified by the pandemic-induced exodus from downtown Toronto. Rental rates across Canada are on the path to recovery after a tumultuous 2020, posting steady increases over the past several months — good news for landlords and bad news for tenants who are already experiencing inflation elsewhere,” the report reads.

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