Houses for Rent in Peterborough, ON

With the studio rooms, one can expect a 50% year-on-year change. The prices can fluctuate as much due to market conditions and locality.

Furthermore, the same cannot be said about 1-bedroom apartments as there is only a 13% year-on-year change. This is because studios are more preferred by individuals and more frequently vacated. Slightly more is the 2-bedroom and 3-bedroom apartments, as there is a 14% hike every year as families prefer these.

Rental Average Price History in Peterborough

Before further addressing the current Peterborough real estate market scenario, take a moment to understand how the market prices stood a couple of years ago. This can be vital as we will know how the current market conditions came to be. Speaking of the pandemic year, which was the most volatile period in the real estate market, the rental structure kept increasing in terms of pricing. The following particulars can be summed up about Peterborough rent price.

• Rent was increased for the fourth consecutive year, making tenants feel pressured to pay.
• Just about 14% of apartments were in the pocket range for individuals with income ranging from CAD 25,000 to CAD 35,000.
• Homeowners were forced to increase long-term tenants' rent due to prevailing market rates.
• Vacancies were up by 2.6% due to little demand.
• Difference increase between vacant units and occupied units to 17.8%.

The average rate increased steadily for the fourth back-to-back year. Seeing this increase, authorities also expressed their concerns by saying that increasing rental prices are merely taken for granted by people with privilege. This, however, can affect people with lower incomes. This had some impact on the data that is explored below.

• Bachelor’s average rental in 2019 was CAD 785, which increased by 4.3% to CAD 819.
• 1-bedroom apartment’s average rental in 2019 was CAD 942, which increased by 5.1% to CAD 990.
• 2-bedroom apartment’s average rental in 2019 was CAD 1,104, which increased by 7.9% to CAD 1,191.
• 3-bedroom apartment’s average rental in 2019 was CAD 1,347, which increased 5.9% to CAD 1,427.

Best Areas / Communities for Rental Properties in Peterborough

The county of Peterborough is divided further into eight municipalities or townships, which are a great prospect for home-buying and renting. Here is a list of the top Peterborough neighbourhood with the best rentals.

• Asphodel–Norwood
• North Kawartha
• Otonabee–South Monaghan
• Selwyn, Ontario
• Trent Lakes

Pet-Friendly Rental Homes Options in Peterborough

If one is looking for pet-friendly homes in Peterborough, the best option perhaps will be detached and semi-detached home types. This can be instrumental in giving pets ample space to move around and feel more comfortable. In an apartment setting, pets can feel a bit clustered and claustrophobic.

Rental Demographics

Peterborough is mostly occupied by people from other places and settling. This mainly owes to the fact that the township of Peterborough is more closely located in some of the densely populated towns in Ontario, such as Toronto, Kawarthas Lakes, and Kingston. To show in data, the following details apply.

• Indigenous Rental occupants - 880
• Non-indigenous rental occupants - 14,500

The average indigenous occupant’s occupants household income has been noted as CAD 40,701 with a median household income as CAD 31,499 and an average rent pay as CAD 930. The non-indigenous renter’s household income has been noted as CAD 43,082, with a median household income of CAD 34,018 and an average rent they pay as CAD 961.

Moreover, about 57% of indigenous occupants are noted to be paying more than 30% of their household income on rent, with only 52% of non-indigenous occupants doing the same. Lastly, about 27% of the indigenous occupants are noted to be paying more than 50% of their household income on rent, with only 23% of non-indigenous renters doing the same. This clearly shows that non-indigenous individuals and families are more likely to rent a place in Peterborough county because of their popularity in the township.