Rent increases in Windsor-Essex, vacancy rate remains relatively unchanged

A sign advertising a rental unit. (Shutterstock)

Rent is on the rise in Windsor-Essex, according to an annual report from the Canada Mortgage and Housing Corporation.

The average rent increase in apartment structures in Windsor-Essex surveyed in 2021 and 2020 was 5.9 per cent.

This marked the third consecutive year that average annual rent growth exceeded five per cent.

“Strong rent growth occurred despite the 2021 Ontario rent freeze that applied to most of the 83% of units that did not turn over to a new tenant,” said the report.

CMHC said the average two bedroom apartment went for just under $1,200 a month in 2021.

“Rental housing supply kept pace with demand, resulting in a similar overall vacancy rate as the previous year,” said CMHC senior analyst Tad Mangwengwende.

The Windsor-Essex vacancy rate for 2021 was 3.5 per cent, which is slightly down from 3.6 per cent in 2020.

The report said greater rental demand was supported by improved economic conditions, fewer renters transitioning into homeownership, more student renters and higher immigration.