London Ontario Vacancy Rate And Rent Numbers

Average Rents London Ontario

The London Ontario vacancy rate for apartments, townhouses and houses as of February, 2018 is below 2%.

For Apartments, here is CMHC’s numbers and their 2017 London Ontario vacancy rate:

Type Avg. Rent Vacancy Rate
   
Bachelor $655 3.3%
1 bedroom $840 1.7%
2 bedroom $1041 1.9%
3 bedroom $1190 1.8%

 

Again, remember these are just averages; I have some clients who are getting $1500-$1700 for  two bedrooms and $1650-$1900 for a 3 bedroom.

energy efficient house London Ontario

My experience with townhouses mirrors what I see on MLS, decent 3 bedroom townhouses $1250-$1350 plus utilities and the last 3 we did, all leased out in 4 days! (It took 4 days because of background and credit checks)

For detached houses, the same thing, $1500 to $1800 is a sweet spot, anything over that the house better be nice, good location and in great shape. The last house we did at $2650 plus utilities was vacant for 8 days!

What does this all mean?

Wise investors will buy in any market because they are in it for the long haul, they do not care what the rest of the market is doing, and they invest because they are true investors, not hopers, flippers, dreamers or have a lack of confidence or courage as a real estate investor.

Yes, there is a shortage of quality rental opportunities at the present moment, however, there are still some decent buys and opportunities for those who grasp that vacancy rates will remain low for many, many years to come.

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