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.

• Download the CTV News app to get breaking news alerts
• Get the latest updates sent to your email

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.