Report predicts more increases in Windsor rental rates
Published Tuesday, January 8, 2019 9:56PM EST
If you pay rent to keep a roof over your heard, brace yourself.
It’s anticipated prices for rent will continue to climb in 2019.
Between June 2017 and June 2018, the median cost of a two-bedroom apartment in Windsor jumped nearly 10 per cent, according to a report from PadMapper, an apartment rental website that also collects monthly data on rental listings.
The National Rent Report from Rentals.ca suggests the average rental rates could increase by six per cent year over year across Canada this year.
Siblings Justin and Julia Reiss rent a two-bedroom apartment in Sandwich Town, and it costs $1,500 a month.
“It's pretty expensive. It's hard to afford,” admits Justin Reiss. “You need to spend half of my whole month's pay cheque working full time to be able to pay even just half the rent."
“If it went up six per cent, I would not be able to afford it because it’s already a problem,” adds Julia Reiss. “I’d have to move out.”
Industry experts say the national rental market is hot for a number of reasons. They include tighter mortgage rules, higher interest rates and low housing stock.
In 2003, the vacancy rate in Windsor was about 15 per cent. Today, that number is estimated at about three per cent.
PadMapper also reports a two bedroom unit in Windsor ranges in price from $900 to $1600 a month.
Paul Rouillard of Rent4All Property Management says prices are a major problem for people in Windsor.
“How can they afford to pay 14, 15, 1600 dollars, plus utilities, plus living expenses to get by to make ends meet?” says Rouillard. “It's not possible."
Rouillard tells CTV Windsor the prices are also causing headaches for landlords.
“There’s more evictions and our tribunals are fuller than we've ever seen it.”
Rouillard says landlords are typically more willing to offer lower rents to tenants who always pay.
“I can't see it going higher because I already think we're in an emergency” adds Rouillard, who wants the city to attract more businesses and jobs to sustain the hot housing market.
The City of Windsor also has a waiting list of more than 4,500 people who are looking for affordable housing.