regional edition
WATERLOO
The regional market perspective for the Waterloo rental housing industry
2025
FOREWORD
Produced by RHB Inc., creators of RHB Magazine, RHBTV, RHB Newsreel, Perpetual Media Group (PMG) and BoldTV, theANNUAL delivers a complete market perspective for the rental housing industries of Ottawa, Hamilton, Waterloo and London. Developing a standalone resource guide with vital and practical information is never an easy undertaking. There are reasons why in-depth, analysis and forecasting aren’t done in this form and on this scale for our industry! Time, resources and industry knowledge are required to deliver a comprehensive report respecting individual regional apartment owners and managers while allowing them to respond to market needs, size and competition. What you’ll find in this Regional Edition of theANNUAL: • The State of the Industry Report, an in-depth look at the individual cities’ market conditions, based on CMHC and Stats Canada data. • Realty Check, a look at multi-family sales and purchases in each of the four regional markets, with a special showcase of notable transactions. • Association Report, from our partners at HDAA, LPMA and
EOLO, an overview of what we need to know about each city and association. • Neighbourhood Trends, data provided by Rentals.ca on tenant searches and trends. • Unpaid Rents, Openroom.ca provided comprehensive data for unpaid rent in Ontario. The industry’s first vetted report of the Top Ten, Owners, Managers and REITs for each region. This has been a labour of love. As Canada’s national voice for the apartment industry, RHB Inc. prides itself on always delivering the latest news and information that help our industry maintain a competitive advantage. Therefore, we’d like to acknowledge the following people and companies for their help gathering the information and data which enabled us to deliver this comprehensive guide: John Dickie, Chair and Spokesperson, Eastern Ontario Landlord Organization (EOLO); Daniel Chin, President, Hamilton District Apartment Association, (HDAA); Tracy Norman, President, London Property Management Association (LPMA); Rentals.ca; Openroom.ca; Yardi Canada and CTI Services. RHB Inc accepts responsibility for accurately delivering relevant news to the rental housing industry. As well, we always want to hear from you, the people who make up the rental housing industry. Let us know your thoughts on what you’ve read and what you’d want to see next year in theANNUAL, both at the National and Regional levels. All the best,
Debbie Dollar-Seldon Publisher
Publisher Debbie Dollar-Seldon Art Director Scott Clark National Director, Sales and Marketing Melissa Valentini Office Manager Geeta Lokhram Owner Marc Côté
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INC.
Welcome to the 2025 Regional editions of theANNUAL. Not unlike our National edition, theANNUAL, is a special industry specific periodical, delivering relevant, timely information and data with a single-minded approach; “What does the Apartment industry need to know!” With that as our goal, our research team reviewed extensive data from numerous sources to bring you the regional editions of theANNUAL. From CMHC, Stats Canada, association executives, Government sources and apartment owners, managers & REITs, we bring you the most complete and thorough industry guide that delivers region specific information and data.
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TABLE OF CONTENTS
3 – FOREWORD
STATE OF THE INDUSTRY – 8
15 – REALTY CHECK
4 – theANNUAL Waterloo
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TABLE OF CONTENTS
21 – NEIGHBOURHOOD TRENDS
TOP 10 – 27
39 – UNPAID RENTS
6 – theANNUAL Waterloo
We Market Your Listing Like It's Our Own Posting a rental listing is easy. Getting it seen? That’s where we come in. At Rentals.ca, we put your property in front of thousands of renters with powerful digital marketing tools — no guesswork, no waiting around. Get the attention your rental deserves.
2024 population
706,875
Three Townships AVR: 1.5% 2BR: $1,371
Waterloo AVR: 2.6% 2BR: $1,891 1
2
Cambridge Kitchener East
AVR: 5.2%
Three Townships
AVR: 3.1%
2BR: $1,901
AVR: 1.5%
2BR: $1,586
2BR: $1,371 Three Townships AVR: 1.5% 2BR: $1,371
Kitchener-Cambridge-Waterloo Statistics 1. Kitchener Central: AVR: 3.5% | 2BR: $1,764 2. Kitchener West: AVR: 4.8% | 2BR: $1,788 AVR= Average Vacancy Rate in October 2024 2BR= Average Rent of 2 Bedroom Suite in October 2024 KCW’s Private Apartment Turnover Rates by Structure Size & Bedroom Type Bachelor Size
1 Bedroom
AVERAGE RENT SENIOR3HOUSING 2 Bedroom Bedroom +- Standard Spaces Total
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
3-5 Units
**
**
**
82.3%
**
**
**
**
**
52.5%
6-19 Units
**
**
**
**
14.1%
**
**
**
13.9%
**
20-49 Units
**
**
18.4%
**
14.2%
5.9%
**
**
15.7%
7.0%
50-99 Units
**
**
14.4%
11.1%
10.7%
11.3%
**
**
13.2%
11.3%
100-199 Units
28.3%
13.8%
15.4%
15.9%
12.4%
11.3%
**
**
14.4%
12.7%
200+ Units
23.8%
19.1%
19.8%
20.3%
**
13.4%
**
**
**
**
**
**
16.2%
13.9%
13.3%
11.0%
**
**
14.7%
12.0%
Total
8 – theANNUAL Waterloo
** Data suppressed
Number of Primary Apartment Units Bachelor
747
1 Bedroom
12,145
2 Bedroom
23,825
3 Bedroom + 2,177 Total
38,894
Primary Apartment Vacancy Rates Bachelor
**
1 Bedroom
4.1%
2 Bedroom
3.3%
3 Bedroom + 1.9% Total
3.6%
Primary Apartment Average Rents Bachelor
$1,270
1 Bedroom
$1,498
2 Bedroom
$1,766
3 Bedroom + $1,913 Total
** Data suppressed
$1,670
theANNUAL Waterloo – 9
** Data suppressed
State of the Industry K-C-W area
Primary rental market
38,894
Secondary rental market
43,859 Total: 82,753
47%
53%
*Secondary figure estimate based on growth rate
Important things to know about K-C-W’s secondary rental market
2023 Total condo units
2024
16,126 17,651
Total condo units used for 5,342 rental
5,435
Percent of condo units used for rental
33.1% 30.8%
Average Rent
$1,774 $1,980
Vacancy Rate
0.1%
0.4%
theANNUAL Waterloo – 11
State of the Industry Info
Cambridge
Kitchener Central
Kitchener East
12 – theANNUALWaterloo
3 Bedroom +
Total
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
**
**
4.9%
4.4%
**
**
4.1%
5.2%
Average Rent
$1,243
**
$1,220
$1,630
$1,572
$1,901
$1,229
$1,472
$1,432
$1,795
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Info
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
1.0%
2.8%
1.8%
4.2%
0.0%
**
1.4%
3.5%
Average Rent
$1,133
**
$1,299
$1,356
$1,580
$1,764
$1,729
$2,039
$1,443
$1,585
Info
Bachelor
Bachelor
Total
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
4.1%
**
1.7%
2.8%
1.4%
3.3%
0.7%
2.5%
1.5%
3.1%
Average Rent
$1,135
$1,088
$1,300
$1,341
$1,512
$1,586
$1,668
$1,730
$1,451
$1,511
Bachelor
Total
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
3.8%
6.0%
5.7%
6.9%
1.2%
3.7%
2.4%
1.8%
3.0%
4.8%
Average Rent
$1,094
$1,263
$1,373
$1,474
$1,762
$1,788
$2,170
$2,111
$1,611
$1,681
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
1.4%
2.9%
1.6%
2.2%
**
**
1.5%
2.6%
Average Rent
$1,360
$1,437
$1,552
$1,669
$1,882
$1,891
$3,037
$2,098
$1,880
$1,814
Info
Three Townships
2 Bedroom
Oct 23
Info
Waterloo
1 Bedroom
Survey Date
Info
Kitchener West
Bachelor
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
**
**
**
1.8%
**
0.0%
0.7%
1.5%
Average Rent
**
**
**
$1,097
$1,111
$1,371
**
$1,488
$1,102
$1,283
** Data suppressed
State of the Industry Guelph
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Info
Oct 23
Bachelor Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Total Oct 24
Vacancy Rate
5.3%
**
1.3%
2.0%
1.6%
0.9%
0.9%
0.0%
1.5%
1.3%
Average Rent
$1,160
$1,271
$1,508
$1,598
$1,646
$1,740
$1,695
$1,935
$1,588
$1,688
Number of Private Apartment Units in Guelph Bachelor
226
1 Bedroom
2,708
2 Bedroom
4,744
3+ Bedroom
288
Total
7,966
Guelph’s Private Apartment Turnover Rates by Structure Size & Bedroom Type Bachelor Size
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
3-5 Units
**
**
**
**
**
**
**
**
**
**
6-19 Units
**
**
**
**
9.8%
**
**
**
11.1%
**
20-49 Units
**
**
12.9%
**
7.0%
5.6%
**
**
9.3%
5.4%
50-99 Units
17.2%
24.5%
15.0%
15.0%
10.6%
9.4%
4.7%
**
12.4%
11.9%
100+ Units
18.0%
**
23.8%
15.1%
14.5%
12.2%
**
**
18.1%
13.4%
**
**
16.2%
13.4%
11.4%
9.7%
11.1%
**
13.2%
11.4%
Total
** Data suppressed
theANNUAL Waterloo – 13
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rjc.ca
Realty Check
The transactions of note in: Waterloo Cambridge Kitchener
Guelph
theANNUAL Waterloo – 15
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Waterloo
Realty Check 252 & 254 Phillip St, Waterloo Purchaser:
Alignvest Student Housing
Units:
**
Price
$197,000,000
Price per Suite: ** Date Closed:
28 Westhill Dr, Waterloo
June 24, 2024
Price
Purchaser:
Vale Station Apartments
Units:
**
$38,000,000
Price per Suite: ** Date Closed:
October 2, 2024
78 Old Chicopee Dr & 21 Holborn Dr, Kitchener Purchaser:
Holburn Chicopee GP Inc
Units:
155
Price
$37,000,000
Price per Suite: $238,710 Date Closed:
125 Lincoln Rd, Waterloo Purchaser:
125 Lincoln Road Inc
Units:
115
April 9, 2024
Price
$24,150,000
Price per Suite: $210,000 Date Closed:
June 17, 2024
** Data not available
theANNUAL Waterloo – 17
Realty Check 400 Albert St & 419 Hazel St, Wellesley Purchaser:
The Conestoga College Institute of Technology and Advanced Learning
Units:
**
Price
$17,775,000
Price per Suite: ** Date Closed:
84 Frederick St, Kitchener
January 22, 2024
Price
Purchaser:
The Regional Municipality of Waterloo
Units:
**
$6,920,000
Price per Suite: ** Date Closed:
August 1, 2024
134 Columbia St W, Waterloo Purchaser:
Salvington Inc
Units:
**
Price per Suite: ** Date Closed:
141 - 149 Borden Ave N, Kitchener Purchaser:
Borden Apts Inc
Units:
**
Price per Suite: ** Date Closed:
January 9, 2024
** Data not available
18 – theANNUALWaterloo
May 13, 2024
Price
$5,600,000
Price
$6,875,000
Recent Realty Transactions 510 Glenelm Cres, Waterloo Purchaser:
Named Individual(s)
Units:
23
Price
$5,600,000
Price per Suite: $243,478 Date Closed:
480 Dolph St N & 309 Garden St, Cambridge Purchaser:
Pier 100 Real Estate GP Ltd
Units:
**
June 24, 2024
Price
$5,250,000
Price per Suite: ** Date Closed:
December 10, 2024
194 Heiman St, Kitchener Purchaser:
Pier 100 Real Estate GP Ltd
Units:
24
Price
$5,180,000
Price per Suite: $215,833 Date Closed:
280 Lorne Ave, Kitchener Purchaser:
Hellor Inc
Units:
23
April 3, 2024
Price
$4,965,000
Price per Suite: $215,870 Date Closed:
January 19, 2024
** Data not available
theANNUAL Waterloo – 19
Neighbourhood Trends Latest information on some of K-C-W’s neighbourhoods in…
Kitchener Cambridge Waterloo
Hespeler Kitchener South-East Waterloo North-West Woolwich & North Dumfries
Guelph
theANNUAL Waterloo – 21
Neighbourhood Trends Data provided by Rentals.ca
Age Distribution RHB 2 Age Distribution of Active Renters Kitchener / Waterloo 35%
34%
29%
30%
25%
20%
15%
13%
13%
10% 7% 5%
0%
4%
18-24
Average Rent / Sqft
22 – theANNUAL Waterloo
25-34
35-44
45-54
4/29
55-64
65+
Lead Submission of Prospective Tenants by Bed Count
Ottawa
Lead Submission by Bed Count Kitchener / Waterloo
4+ Bed
4+ Bed
ed
14%
0 Bed
12%
20%
30%
0 Bed
3 Bed
3%
36%
33%
12%
39%
2 Bed
1 Bed
1 Bed
Average Asking Rent by Bed Count RHB 2 Average Rent by Bed Count Kitchener / Waterloo $3,500 $3,385 $3,000 $2,792
$2,500
$2,354
23/29 $1,943
$2,000 $1,726 $1,500
$1,000
$500
$0
0 Bed
1 Bed
2 Bed
3 Bed
4+ Bed
theANNUAL Waterloo – 23
Neighbourhood Trends Searches by Property Type Search by Property Type Kitchener / Waterloo
Houses
32%
41%
28%
Apartments
30%
27% Condos Apartments
42%
Condos Condos
Houses
Apartments
Condos
Average Asking Rent by Property Type Average Rent by Property Type Kitchener / Waterloo
$3,315
$3,000
$2,871
$2,500 $2,297 $2,149 14/29
$2,000
$1,500
$1,000
$500
House
$0
24 – theANNUALWaterloo
Apartment
Condo
House
Houses
Apartments
YoY% Change in Lead Volume of Prospective Tenants
Amenity Searches RHB 2 Amenity Searches Kitchener / Waterloo 35%
31% 30%
25%
23%
20%
15%
Average Rent / Sqft 11%
10%
7%
7%
6%
5%
5%
4% 2%
0%
Parking
Pets
Laundry Insuite
Heat
Water
AC
Electricity
Dishwaher
Balcony
1%
Laundry Facility
1% Gym
28/29
10/29
theANNUAL Waterloo – 25
Top 10 Kitchener-Cambridge-Waterloo’s top ten private landlords by size
theANNUAL Waterloo – 27
Top 10
Owners, Managers & REITs
Starlight Investments
Category:
Owner / Asset Management
Number of suites
Website:
starlightinvest.com
6,041
Greenwin Corp.
28 – theANNUAL Waterloo
Category:
Manager
Number of suites
Website:
greenwin.ca
4,155
Top 10
Owners, Managers & REITs
Centurion Asset Management Inc. Category:
REIT
Number of suites
Website:
centurion.ca
3,124
Drewlo Holdings Category:
Owner
Number of suites
Website:
drewloholdings.com
3,035
* 2024 Data
30 – theANNUAL Waterloo
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Top 10
Owners, Managers & REITs
Homestead Land Holdings Category:
Owner
Number of suites
Website:
homestead.ca
2,636
EIWO Canadian Management Ltd Category:
Manager
Number of suites
Website:
eiwocanadian.com
2,150
Killam Apartment REIT
32 – theANNUAL Waterloo
Category:
REIT
Number of suites
Website:
killamreit.com
1,926
Top 10
Owners, Managers & REITs
Hazelview Investments Category:
Owner
Number of suites
Website:
hazelview.com
1,545
Skyline Apartment REIT Category:
REIT
Number of suites
Website:
skylineapartmentreit.ca
1,408
Effort Trust
34 – theANNUAL Waterloo
Category:
Owner
Number of suites
Website:
effortrentals.com
1,056
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36 – theANNUAL Waterloo
Unpaid Rents
theANNUAL Waterloo – 39
Unpaid Rents Data for this section provided by openroom.ca based on 47,028 court orders (as of July 24, 2025) across Canada, focused in Ontario
Ontario stats Average unpaid rent - 5 year trend Context:
Year
Average unpaid rent per case
Court orders contain monthly rent. This information is extracted and analyzed by Openroom.
2021
$10,058.35
2022
$11,072.73
2023
$12,972.70
2024
$14,767.86
2025
$13,509.35
Year
Average Months of Unpaid rent (includes delay in LTB)
2021
7.39
2022
7.82
2023
8.41
2024
7.54
2025
6.34
What does it show: Number of months of unpaid rent experienced by landlords until court order was issued. Includes time for filing notice, application and other delays. It does not include the following: • Time it takes for the adjudicator to issue the order • Unpaid rent accumulated after hearing date to eviction date (can be 2 weeks to 4 months) Context: Timer starts from first day of unpaid rent and includes, N4 issuance, L1 Filing and to hearing date
London Focus Relative Ranking in Delinquency: 5 Average unpaid rent (from 2021 to 2025): $9,131.09 Average months of unpaid rent (from 2021 to 2025): 7.2 months Average unpaid rent per case - 5 year trend
Changes in number of months of unpaid rent - 5 year trend
Year
Average unpaid rent per case
2021
$7,468.54
Year Average months of Unpaid rent (includes delay in LTB)
2022
$8,006.55
2023
$9,383.42
2024
$14,181.00
2025
$13,190.53
40 – theANNUALWaterloo
2021
6.94
2022
6.29
2023
7.83
2024
7.27
2025
7.5
Ranking cities by rate of delinquency What does it show: If you are in the top city, your lease is more likely to be unpaid.
Calculation: For each city, compare the ratio of the number of cases of unpaid rent in that city for the number of dwellings. The metric handles the differences in population size and is a good indicator of where you might need to do extra diligence before renting.
City
Rank
Cases per 1000 dwellings*
Oshawa
1
12.2
Windsor
2
9.4
Hamilton
3
9.2
Sudbury
4
9.1
London
5
7.6
Barrie
6
7.5
St. Catharines
7
7.3
Toronto
8
5.6
Kitchener
9
5.6
Waterloo
10
5.5
Cambridge
11
5.3
Brampton
12
4.9
Guelph
13
4.0
Whitby
14
3.8
Mississauga
15
3.3
Ottawa
16
3.3
Rest of Ontario
17
3.2
Richmond Hill
18
3.1
Burlington
19
2.5
Vaughan
20
2
Oakville
21
1.8
Markham
22
1.1 theANNUAL Waterloo – 41
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