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The Niagara housing market is going through a defining phase. The prices of real estate properties continue to soar despite higher interest rates and inflation. It has been identified that the demand for residential properties for rent in Niagara has increased. This phenomenon is a little unprecedented, as around 80% of the properties in the city are inhabited by the owners. The city offers a diverse set of housing options to the residents, from apartments and single-home dwellings. This has been reflected in the prices of the properties, too, as the rental market saw a yearly increase of 22%.
The average prices of rental properties has increased significantly. It has been identified that compared to the last year, the average prices of rental properties increased by $297. The median of the Niagara Rent price has been identified at $1,647. The average rent for a one-bedroom apartment in Niagara has subsided by 2%, whereas the rent prices of the two-bedroom apartments have showcased consistency. Despite the fall or stability in the prices, the housing price jump remains significant compared to the last year. The median rent from October 2021 to October 2022 has jumped from $1,365 to $1,653 for a one-bedroom apartment. It has been forecasted that the rising interest rates and inflation will subjugate this unchecked rise.
The neighbourhoods in Niagara reflects the magnificence of the natural serenity. The momentous waterfall's tranquillity seeps into the region's ambience and enthrals the residents' lives. Niagara neighbourhoods such as the Martindale Pond, Lakeshore and Niagara-on-the-lake are extremely popular among the residents owing to the lush-green parks and easy connectivity. Another up and coming properties such as the Crystal Bridges, Secord Woods and Glenridge are also featured on the renters' wish lists due to the proximity to the diverse set of gyms, restaurants, bars and retail shops. Secord Woods is regarded as one of the most culturally rich neighbourhoods in Niagara, enriching the lives of the inhabitants and passersby through its vibrant and encapsulating atmosphere.
The average property prices in the Niagara region vary based on factors such as the price, location and property's characteristics. The Niagara city rental housing market offers a variety of housing options to the residents. The price to rent a single-dwelling house is higher when compared to an apartment. Still, this phenomenon is not immune to inconsistency when the location and size of the apartment come into question. The rental price of the two and three-bedroom apartments is yet to witness any volatility. Still, the increase in the price of the properties may entice the residents to incline towards renting a property instead of purchasing it. A one-bedroom apartment generally costs anywhere from $1,235 to $2,049. A two-bedroom apartment in Niagara may range from $1,760 to $1,950. The renter may have to shell out over $2,000 to rent a 3-bedroom apartment in the region.
The following table showcases the Niagara Rental Price History for the year 2022:
The region offers a variety of rental home options to the pet owners who are looking for a new locality with their furry companions. Several listings in the housing market can conveniently accommodate pets and their owners where they can inhabit the place. One can look online, find pet-friendly listings, and select one that might complement their budgetary goals. Pet-friendly apartments in Niagara that feature a two-bedroom set would generally range around $1,950. A one-bedroom pet-friendly apartment in Niagara would cost around $1,595 to the renter and proud pet owners.
Homeowners inhabit the majority of the housing projects in Niagara. As the city's median age is around 45, it is safe to say that a substantial percentage of the population is around 40 to 64 years. This reflects that there was never a substantial need for rental properties in the region. However, the rise in the market prices of the properties has indicated that young homeowners are gravitating towards more affordable options, which leaves them with enough funds to tackle higher interest rates and inflation. As per the demographics, the region would soon face an influx of young adult population who would be more inclined to rent their houses as they commence their careers. This year marked a substantial boom in the real estate market in Niagara. Still, this increase in the prices of housing projects substantiates the upcoming escalation in the not-so-happening rental market of Niagara.
The rental prices of the properties vary based on the location, size and property type. Niagara’s rent can range from $400 to $2,065.
The average rent price in Niagara is somewhere around $1,647.
The duration concerns the tenure of the leasing agreement. Individuals must reach out to the landlord if they want a customised tenure.
Currently, the average rent for a 2 Bedroom apartment in Niagara is $1,806 and for a three-bedroom apartment is $2,291.
Currently, there are 400+ MLS listings on the pages for rent in the Niagara region
The landlord can raise the rent every 12 months per the guidelines. However, they are required to serve a notice to the renters before adjusting.
The space varies from apartment to apartment. A studio apartment will be of a smaller size when compared to a three or four-bedroom apartment. This is reflected in the rental price too.