Kitchener Apartment Market

Kitchener is the heart of the “Tri-Cities” and the largest city in the region by far. Kitchener has a total population of 204,668 people and offers renters 17,696 rental apartments contained in approximately 710 buildings. The city has 8.6 apartments per 100 people, one of the highest proportions of apartments to people in Ontario (and much higher than either Waterloo or Cambridge, the other cities in the Tri-Cities). Kitchener has a good supply of larger buildings, with 30 buildings between 100-200 units in size and 11 buildings larger than 200 units in size.

Vacancy Rates and Average Rents

Kitchener has an overall vacancy rate of 3.4%, higher than Waterloo but much lower than Cambridge. Highest vacancies are in bachelor apartments (4.7%) despite this apartment style making up only 3% of the total apartment market. Average rents for Kitchener range from $584 for bachelor apartments to $990 for 3+ bedroom apartments, which is about $70 less than average rents in Waterloo. Average rents increased only slightly from 2008 to 2009.

For Investors

Kitchener is a large city with an old and mature rental apartment market. Without the skewing effect of a large student population (as in Waterloo), Kitchener has always been a more rounded city focused on business not education and enjoys the benefits of being the region’s cultural and political centre. Kitchener has been undergoing a revival since the 1980s and early 1990s, when the city’s core was emptying out, and today the city is busy and vibrant and is looking forward to a generally positive future. Renters and investors alike have many choices for rental apartments, including several new apartment buildings constructed by Drewlo and Auburn Developments in the city’s downtown. Most high-rise apartment buildings are located either downtown or near major shopping malls, with small and medium sized apartment buildings scattered around the city in surrounding residential neighbourhoods.