Barrie residents face rising rental rates as city ranks 7th most expensive in Canada
Barrie residents looking for a one-bedroom apartment may need to prepare themselves for higher rental rates this year.
According to a new report from Zumper.com, the average cost of renting a single-bedroom apartment in the city increased by over 17 per cent in the past year.
The report reveals that in April, the average cost of a one-bedroom apartment in Barrie is $1,880, a 17.5 per cent spike over the same period last year.
Barrie ranks as the seventh most expensive place to rent in the country.
Meanwhile, the average cost of a two-bedroom apartment this month is $2,000.
The report suggests this trend is not unique to Barrie, as many other Canadian cities are experiencing a similar surge in rental prices.
The report also notes that the COVID-19 pandemic played a significant role in driving up rental rates, as more people choose to rent instead of buying a home due to economic uncertainty.
Additionally, the pandemic led to a surge in housing demand, resulting in a shortage of available rental units.
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