With the rapid run-up in real estate values over the last year, it comes as no surprise that County rental rates are increasing which will be of interest to both tenants and investors.
Chuck Dowdall, Executive Director of the Prince Edward County Affordable Housing Corporation shared with Council the results of research on long-term rental rates done by the housing corporation in March 2021.
In the County long-term tenants often pay hydro themselves, but water/wastewater depends on circumstance.
In rural rentals, water is provided by a well and wastewater is handled by a septic system, so there are no regular operating costs.
In built-up areas serviced by municipal water, things differ depending on rental type. For single family dwellings, it’s possible to have the tenant pay water/wastewater costs. However, things are different for multi-residential units. Regardless of the number of units, the municipality only allows one water meter for the whole building, so water/wastewater are typically paid by the landlord for multi-residential buildings.
In addition to County rental rates increasing, municipal water/wastewater rates are forecast to increase at 5% per year for the next several years – and County rates are already the highest in the province.