What You Should Know About Renting in Durham Region
Durham Region remains one of the most affordable places to rent or purchase a home in the Greater Toronto Area.
The cost of a single-family home rivals the price of a condo in the City of Toronto, meaning carrying costs for landlords are extremely low. It’s also much cheaper than the suburbs on the west of Lake Ontario, possibly because of weaker transit options. So, while you’ll probably need a car to get around, the cost will be offset by the decrease in living costs.
The average price for Ajax, Oshawa homes for sale, Whitby real estate and detached houses in the other small cities that make up Durham Region is just under $700,000 - compared to $1.3 million in Toronto, $1 million in Peel million and $1.1 million in York. Landlords are therefore able to charge rent that is cheaper than almost any other area within the GTA. Vacancy rates, while low at 1.1%, are still higher than the surrounding regions, which means that there may be room for negotiation. Reticence
At the same time, Durham Region has plentiful job prospects with a wide range of living opportunities. By the year 2040, the region will have doubled in size and there will be 430,000 jobs available. Renewable energy, agriculture and health and bio sciences are the main industries.
The Toronto Real Estate Board reports that in the winter of 2019, the average bachelor is $1,000, the average one-bedroom condo is $1,662 and the average two-bedroom is $2,015. Compare those prices to Toronto, where renting a bachelor condo will set you back $1,883, a one-bedroom $2,249 and a two-bedroom $3,000.
If you go outside the condo rental market into renting houses and units in apartment buildings, the prices get even cheaper.
In Oshawa, for example, a one-bedroom in an apartment will cost $1,290 and a two-bedroom unit is just $1,500. An entire house can also be rented for about $1500 - $2000, depending on the neighbourhood. In Whitby, it’s about $1,500 for a one-bedroom and $2,100 for a two-bedroom, but the spaces are large, many of them row houses.
If you’re someone who loves the quiet, hiking on trails on the weekend and going to check out minor league hockey games after work then you may want to consider the Durham Region. It’s in close proximity to Toronto also means that whenever you need a big city fix, you can get it easily.