I peaked at current rental listings in Muskoka and compared them to the national average
There seems to be a common knowledge that renting any type of decent unit (room, apartment, home) is a very expensive venture throughout Canada.
However, in light of recent social media – and in person – discussions among my friends about how “ridiculously high” rent in Muskoka has become, I decided to take a look at how it compares to the rest of the nation.
In terms of national averages, Rentals.ca’s April 2023 National Rent Report, shows that asking rents for all available property listings increased by one percent from February to March, and by 10.% from March 2022 to March 2023. The national average as of April 1, 2023 sat at $2004.
The average rate in this report was taken from 21 of the nation’s largest cities including Toronto, Vancouver, Edmonton, Calgary, Winnipeg, Montreal, Victoria, Regina, St. John’s, and more.
According to the report, “over the past year, average asking rents have grown by $196, clearly illustrating how rental housing demand is strongly outstripping supply in Canada.”
How does this compare to what’s available in Muskoka?
While up-to-date statistical numbers weren’t readily available (the last reputable published study was in 2021), I examined asking prices for rental units currently being listed as available.
Besides, if someone has been in an apartment for 10 years and is paying a 2013 rate still, then it doesn’t reflect what that landlord would re-list it for now.
So, I did a search for available units that were listed as of April 17, 2023 on several different sites online (eliminating duplicates). This process focused on long-term units with monthly rents and ignored all short-term rentals.
Each place requires extensive references, credit checks and possibly a first-born child (okay, maybe not the last part). There also aren’t a lot of places available, and any that are newer builds or close to amenities are factoring those characteristics into their pricing.
As well, the vast majority of rentals are listed as “plus utilities,” meaning the monthly outlay is a few hundred dollars more than just the rental price.
Outside of the three largest municipalities – Huntsville, Bracebridge, Gravenhurst – there were mostly short-term cottage rentals available.
However, one listing for a two-bedroom, executive Port Sydney home was listed for $5,000 per month, and a four-bedroom home south of Huntsville in the Township of Lake of Bays was going for $3,400.
In Huntsville, the average monthly rent being asked for listed units was $2,209, with the lowest being $1,500 for a one-bedroom apartment and the highest at $3,200 for a three-bedroom home.
In Bracebridge, the average monthly rate for a rental listing was $2,699, with the lowest rate at $2,100 for a one-bedroom apartment and the highest at $3,500 for a three-bedroom home.
Meanwhile in Gravenhurst, the average rental price being listed was 2,262, with the lowest at $1,500 for a bachelor unit and the highest being $3,750 monthly for a three-bedroom home.
Judging by the current rental asking prices, Muskoka is well above the national average no matter where you look.
What this means for those looking to rent in Muskoka is they’ll need deep pockets and good references to find a place to live.