Pickering, ON apartments for rent

Real Estate Market Overview

Pickering has a price point for everyone, with average house costs ranging from $360,000 to $850,000. Pickering’s northern section is made up of mostly newer-built single-family homes, as well as some commercial space. The central section of the city has a mix of older and newer single-family homes, commercial space, and condo options. Newer homes tend to spread outward from the city centre, with older homes being more common near the downtown area. Older single-family homes, vacant land, and commercial space can all be found in the southern section of Pickering near Lake Ontario.

Rental Market

Pickering has a very tight rental market, with vacancy rates normally sitting at around 1%. Two-bedroom apartments have the highest vacancy rate, while bachelor apartments have the lowest rate. Most of Pickering’s apartment buildings are older, having been built before 1990, and vacancy rates in these older buildings tend to be higher than those in newer buildings. Average rent costs in the city are $810 for a bachelor apartment, $950 for a one-bedroom apartment, $1,100 for a two-bedroom apartment, and $1,300 for a three-bedroom (or more) apartment. Overall, the average rent cost is around $1,200 a month. Rent costs have increased slightly over the past few years, with bachelor apartments seeing the largest rent increase in that period. Rent costs tend to be lowest for units in buildings built before 1960.