A new study by Money.ca reveals that Windsor is ranked the fifth-best option in the country for renting while saving for a home.
The study assessed rent affordability, and the time required to save for a 10 per cent home deposit on an average-priced home, with researchers using average one-bedroom rent prices and annual income data from Statistics Canada to calculate the percentage of income spent on rent.
According to the study, the average monthly rent in Windsor is $1,055, and with an annual income of $42,700, meaning residents spend 29.65 per cent of their earnings on a one-bedroom unit.
Speaking on AM800's The Shift, Dan Gemus, broker and owner of The Dan Gemus Real Estate Team, says looking at the current rental market prices, he doesn't believe the report to be accurate.
"If you can find a unit on the market right now for a one-bedroom with rent at $1,000, you have won the lottery, which is pretty sad because it's not quite the lottery to win. Right now the average rent for a one-bedroom, the true average rent for a one-bedroom is going to be somewhere around $1,300 to $1,400."
According to Gemus, a two-bedroom averages between $1,400 to $1,600 and a bachelor around $1,100.
Gemus says those looking to rent will naturally blame landlords for prices, however he says many landlords are no longer breaking even on properties.
"We have rent control in Ontario, so this year can only increase the rent 2.5 per cent for any building older than 2018. So in that case a with a one-bedroom and the landlord is only $600, they go to refinance their mortgage and uh oh, they're in the hole, they're losing money every single month. That is a market we're going to have a difficult time over the next few years as those come up for renewal."
He says theoretically yes, Windsor is cheaper than other markets as Toronto or London is usually $100,000 higher for home prices.
"We are typically more affordable than other places across the province and the country, there's no lying or denying that. Is it affordable? Well, that's a whole another question right? Do we need more affordable housing? Yes we do. Are we getting it? No we're not, because we need government to jump in and help with affordable housing."
Rounding out the top five markets were Quebec City at number one, where the average monthly rent for a one-bedroom unit is $911, while the average annual income is $50,500.
Number two is Montreal, where the average rent is $960, with an average income at $43,800.
Number three is St. John's, where the average rent is $904, with an average income at $39,100.
Number four is Regina, where the average rent is $1,084, with an average income at $43,900.
Toronto is ranked as the worst city for renting while saving up for a home, with the average rent costing $1,691, and an average income of $41,800, meaning residents spend 48.5 per cent of their annual income on rent.
