The Canadian regional municipality of Muskoka is located in Central Ontario. As per 2017 reports, Muskoka is considered one of the most searched vacation rental destinations in Canada. Muskoka covers a total area of 6,475 km2, extending from Georgian Bay in the west to Lake Couchiching in the south and the eastern fringe of Algonquin Provincial Park. The city has more than 1,600 lakes and is a two-hour drive from Toronto.
The Muskoka housing market comprises a mix of towns and villages, farming communities, and lakeside resorts and hotels. Residential property for rent in Muskoka represents the majority of property types, such as apartments, condominiums, townhouses, and cottages. Muskoka Real Estate for Rent is high in demand but short on housing stock for rentals. This has the Muskoka population struggling to find rental properties, especially for long-term rentals. Short-term rentals such as vacation cottages are doing a good number as Muskoka is an ideal vacation spot in Ontario.
Average Rental Price by Property Size in Muskoka
The average Muskoka rent price of properties has increased, leaving residents in disdain. The monthly average rent for an apartment in Muskoka is $927 in Bracebridge, $931 in Gravenhurst, and $1,001 in Huntsville.
Compared to 2021, the average price of rental properties in Muskoka in 2022 is $1,000, according to the Muskoka Community Foundation’s 2021 Vital Signs report. The area's short-term rentals are reportedly lower than the provincial average, and yet it is harder to find a place to live. Despite the low inventory of properties, the Muskoka rent price jump remains significant compared to the last year with 5,025 renters in Muskoka. This is applicable for short-term and long-term rentals. The most popular choice of property for rent in Muskoka is 3-bedroom residences.
Muskoka offers over 100 affordable housing units for rent and several hundred community housing units for those who cannot afford or find a suitable place to live. However, the study mentions that 634 applicants were on the waitlist for the District-owned housing units as of October 2021 to acquire a rental home.
Cottages and townhouses are mostly in demand and are a perfect accommodation type for vacations. The Muskoka rent price for cottages and townhouse units varies depending on the season, neighbourhood, and property owner. The average rent price in Muskoka is $180 per night and goes up to $1,200 per week.
Top Neighbourhoods with Best Rentals in Muskoka
Muskoka neighbourhoods include the towns of Bracebridge, Gravenhurst, Port Carling, and Huntsville as well as the townships of Georgian Bay, Lake of Bays, and Muskoka Lakes. As per the Muskoka neighbourhood rental market trend, the rental for a cottage and townhouse in these locations depends on the neighbourhood, the type of cottage, and the property owner. Cottage rentals can be leased for $1,700 to $3,900. The average rent price for an apartment in Muskoka ranges between $2,500 to $3,500 depending on the area, unit size, and property owner.
Average Lease Price by Property Type in Muskoka
The Muskoka rental housing market offers residential and commercial properties on lease for long-term rentals varying on the purpose. Muskoka furnished and unfurnished rental cost depends on the property type and neighbourhood. There is a huge demand for rental properties in Muskoka in the range between $2,800 to $14,800 per month. The Muskoka real estate rental price depends on the number of beds available and whether it is a waterfront or non-waterfront property.
Rental Average Price History in Muskoka
Muskoka rental price history showcases investors were drawn to Airbnbs and cottage rentals for a high return on investment. Renting out properties and utilising Airbnb in Muskoka can be profitable for both investors and buyers who wish to pay some of the taxes and mortgages. The tenants of the rental properties are mostly young families or older couples. However, the market niche varies depending on the purpose. For instance, large groups from a corporation planning a bonding week or wedding guests who can't find a motel in Muskoka.
Quality cottage rentals offer a higher rate of return than year-round property rentals do. There is a growing need for rentals as more buyers are driven out of the Muskoka real estate market and the waterfront market continues to increase in appeal and price.
The volume of beds influences the average rent price in Muskoka, but demand is consistently high. For a small 3-bedroom cottage, the weekly average rent price in Muskoka for Georgian Bay and the smaller lakes starts at roughly $2,400. The Big 3 (Lake Joseph, Muskoka, and Rosseau) and Lake of Bays would demand at least $3,200 a week.
Best Areas / Communities for Renal Properties in Muskoka
Muskoka, surrounded by over 1,600 lakes, has a wide range of waterfront cottages to choose from for rental purposes. Lake Joseph, Lake Rosseau, and Lake Muskoka are the top three largest lakes in Muskoka. These are the top locations to look for cottage rentals in Ontario. However, the best areas for rental properties in Muskoka are Huntsville, Bracebridge, Port Carling, and Gravenhurst.
The rental price of the cottages in these areas varies on the neighbourhood, cottage type, and the property owner. The price range for cottage rentals starts as low as $180 per night and $1,200 per week.
Pet-Friendly Rental Homes Options in Muskoka
Pet owners seeking to travel with their furry friends can choose from a wide range of rental homes in Muskoka. Numerous Muskoka pet-friendly rental house listings are available on the housing market. One can search online for pet-friendly classifieds and choose one that fits their budget requirements. Muskoka pet-friendly rental homes that feature a 2 to 3-bedroom cottage set would range between $175 to $950 per night.
The population of Muskoka is 66,674, as per the 2021 Census of Population, with a median age of 52.8. A substantial percentage of the population is between 50 to 74 years. The population of Muskoka mostly comprises senior citizens, given its slow-paced and comfortable lifestyle. Being a holiday destination for most, an influx of tourists leads to high rentals, mostly for waterfront properties such as cottages and resorts. The Muskoka demographics reflect 47,560 private residences in total, of which only 28,571 are occupied, which is a big change of 10% from 2016.