How much does it cost to rent a one-bedroom condo in Kitchener Waterloo? What is the rental cost of a three bedroom family home in Kitchener Waterloo? How much rental income will I receive from a two bedroom condo in Kitchener Waterloo? These are questions that new residents and new investors ask all the time.
Every year, thousands of people move to Waterloo Region. We are growing. Our growth outpaces our neighbour to the West (London). A few years ago, we knocked them out of the top ten largest population centres in Canada. We moved up from the 11th largest population centre to the 10th.
Our growth is fuelled by many things:
- our booming tech sector,
- our proximity to Toronto,
- our affordable housing.
Of course not everyone who moves here buys a home. Many don’t buy a home for at least for few years (until they come to love the place). And many people who buy a home here do not move here. They are investors. We are certainly on the investor radar now.
So what are rents like?
What does it cost to rent a three bedroom family home in Kitchener Waterloo?
How much rent will I receive from a two bedroom condo in Kitchener Waterloo?
These are questions that new residents and new investors ask all the time.
Time for some answers
I went to the MLS. Although the MLS only contains a fraction of the available places for rent, it is a good resource for me to slice and dice and offer up the data and for you (potential renter or investor) to gain some insight into your costs or your ROI, whatever the case might be.
The sample size is small. There are only 80 listings for rentals on the MLS. Of those, 46 are condos and of those, 36 are apartment style condo units, so lets start there.
How much does it cost to rent a one-bedroom, one-bathroom apartment style condo?
There are nine one-bedroom, one-bathroom apartment style condos listed for rent.
The smallest and cheapest unit is at 45 Westmount Road at 512 square feet. It’s rent is listed as $1,045/month. For investors, that unit is also currently being offered for sale for $129,900.
The most expensive unit on the one-bedroom list is offered at $1,550/month. It is at 85 Duke Street. Those usually sell for about $250,000.
The other units currently offered up for rent through the MLS are all centrally located at 539 Belmont, 112 Benton, 1 Victoria, and 150 Queen Street.
The median rent for a one-bedroom, one-bathroom apartment style condo unit is $1,400/month.
Investors will like to know that there are 63 a one-bedroom, one-bathroom apartment style condo units currently listed for sale on our local MLS. The prices range from $142,900 to $347,900. The median price for a one-bedroom, one-bathroom apartment style condo unit is about $229,000.
How much does it cost to rent a two-bedroom, two-bathroom apartment style condo?
There are 15 two-bedroom, two-bathroom apartment style condos listed for rent.
The largest and most expensive is at 255 Keats Way. It is listed for rent at $2,400/month. It has nearly 1,800 square feet of living space. For investors, units at Keats Way usually sell in the $330,000’s.
On the other end of the scale, the least expensive place to rent a two-bedroom, two-bathroom apartment style unit is at 81 Church Street. There you can rent a 1,050 square foot unit for $1,450/month.
The other two-bedroom, two-bathroom units offered up for rent are at 112 Benton, 144 Park, 191 King, 85 Duke, 223 Erb, 300 Keats Way and 55 Blue Springs.
The median rent for a two-bedroom, two-bathroom apartment style condo unit is $1,800/month.
Thought the prices range from $172,000 to near $700,000, the median price for a two-bedroom, two-bathroom apartment style condo unit is $229,000
How much does it cost to rent a house?
There are 12 three-bedroom homes listed for rent.
The largest and most expensive is in Uptown Waterloo at nearly 2,300 square feet and $2,200/month.
The smallest and cheapest is in Heritage Park at 1,100 square feet and $1,100/month.
The median cost for three-bedroom houses is $1,800/month.
Four-bedroom houses are a little harder to come by. There are only six listed. Expect to pay $2,100/month for 2,800 square feet.
How about townhouses?
There are only six townhouses currently listed for rent on the MLS. They have three bedrooms and two and a half baths.
The largest and most expensive is on Coopershawk at 1,730 square feet at $2,000/month
The smallest and cheapest is on Countrystone Crescent at 1,384 square feet at $1,450/month.
The median cost for a three bedroom townhouse is about $1,500/month.
Call to Action
If you are interested in investing in Kitchener Waterloo real estate and need the numbers, please email and ask to join our investor group.