Cost to rent in Burlington up significantly over last year according to report
Published September 16, 2022 at 10:22 am
The cost of renting in Burlington continues to skyrocket according to a report from Rentals.ca.
Burlington is the fourth more expensive place to rent in Canada and saw August’s average rent for both one- and two-bedroom units increase by more than 16 per cent when compared to last year.
Burlington’s numbers are in line with trends across the country. The average rent across the country in August was $1,959 per month, an annual increase of 11.1 per cent.
“On a national level, average rents in August topped the pre-pandemic record high from the fall of 2019, with prospective tenants looking at properties that are $200 more expensive on average than a year earlier,” said Ben Myers, president of Bullpen Research & Consulting.
“With several economists calling for an extended ownership housing market correction, demand has shifted dramatically to the rental market, which is significantly undersupplied in many major Canadian municipalities. Rentals.ca pageview data suggests rental demand is up by nearly 40 per cent from last August nationwide, and 70 per cent from the locked-down August 2020 marketplace.”
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The average cost to rent a one-bedroom apartment in Burlington in August was $2,133 and the average two-bedroom went for $2,559. That trailed only Vancouver, Toronto and Burnaby. Across the country, the one-bedrooms went for an average of $1,662 and two-bedrooms were at $2,135.
For the full report, visit the rental.ca website.
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