Renting a home in Burlington? Still a pricey proposition

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Published February 15, 2024 at 12:43 pm

rent increase ontario 2024

Burlington continues to be among the most expensive cities in Canada to rent a home.

According to Rentals.ca and Urbanation’s latest National Rent Report, which looks at prices in January, the average new rent for a one-bedroom property in Burlington in January was $2,204, basically no change from the previous month or year-over-year. That sits eighth on the list.

Two-bedroom units, however, were up about 2.2 per cent, both monthly and yearly, to $2,577.

Across the country, average asking rent for all property types increased by 10 per cent annually, to $2,196, reaching another record high in January 2024.

This increase reflects a 0.8% month-over-month rise, pushing the annual rate of rent growth to a four-month high. Compared to January 2020, before the onset of COVID-19 lockdowns, average asking rents have increased 20 per cent, translating to a $373 per month increase.

“The Canadian rental market began 2024 where it left off in 2023, with rents surging to new highs,” said Shaun Hildebrand, president of Urbanation. “However, an underlying narrative has emerged between softening rents in expensive markets and strengthening rents in more affordable markets. These shifts in demand are symptomatic of a worsening supply situation for rentals in Canada.”

Among different property types, purpose-built rental apartments witnessed the most substantial growth, with average asking rents increasing by 13.5 per cent over the past year to $2,107.

Condominium rentals followed, experiencing a 4.1 per cent annual increase to average rents of $2,372 in January. Meanwhile, house rentals saw a 5.6 per cent year-over-year increase, reaching an average of $2,352.

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada.

Rentals.ca Network data is analyzed and the report is written by Urbanation, a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.

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