Housing: Renting
Prince Edward County, Ontario, Canada.
Vital Signs Data
Updated December 27, 2023
The combination of rising interest rates and decreasing house prices is putting even more pressure on the rental market as would-be buyers in the current market are now re-evaluating their options and postponing house purchases to a later date. Similar to the purchasing market, overbidding in the rental market has also now become the norm.
Rental rates
Based on the review of 400 rental units in PEC (Ontario Rental Association), the median market rental rates are as follows:
| Unit Type | Q3 - 2020 | Q3 - 2021 | Q3 - 2022 | Q3 - 2023 |
|---|---|---|---|---|
| Studio/Bachelor | $650 | $949 | $1,056 | n/a |
| 1-Bedroom | $1,065 | $1,197 | $1,350 | $1,513 |
| 2-Bedroom | $1,107 | $1,318 | $1,755 | $2,050 |
| 3-Bedroom | $1,458 | $1,767 | $2,308 | $2,775 |
Vacancy rate
As of June 2022, the vacancy rate in rental properties in PEC at 0.2% is the 4th lowest in Ontario and 9th across the country for rural communities. (Ontario Rental Association)
7% of all housing built in the last 25 years in rural municipalities has been rental housing. To remain on pace with demand this should have been 25% of all housing built in the last 25 years. (KPMG 2022)
Housing supports
New subsidized housing has not been built for the past 20 years, and the waiting lists are growing more quickly than affordable housing becomes available. In PEC, there are 244 (RGI) Rent Geared to Income Units, Affordable Units and Market Rent Units in Picton and Wellington as well as 42 +/- Rent Supplement Units.
| PEC 2016 | PEC 2021 | ON 2021 | PEC 2023 | Source | |
|---|---|---|---|---|---|
| Tenant households in subsidized housing | 11.60% | 12.80% | 13.70% | -- | Stats Can |
| Number of subsidized housing units | 244 (2018) | 242 | -- | 242 | PELA Social Services |
| Waiting list for PEC subsidized housing units (households) | 230 (2018) | -- | -- | 433 | PELA Social Services |
| Emergency housing units | 0 | 0 | -- | 0 | PE Affordable Housing Corp. |
| Homeless Point in Time count | 32 (2018) | 45 | -- | -- | PELA Social Services |
Sustainable Development Goal (SDG) 11.1
SDG 11.1 Ensure access for all to adequate, safe and affordable housing.
Also see …
Household Characteristics
Private dwellings with single occupancy, single parent families;…
Affordable Housing
Impact; Affordable housing developments; What is being done
Owning
The housing shortage and high prices, coupled with…
Renting
Similar to the purchasing market, overbidding in the…
Homelessness
Homeless count, threats to housing stability, homelessness facts,…
Housing – Actions
Housing: Advancing well-being together: County Housing Plan, Exploring…
