Burlington Apartment Market

Burlington has a total population of 164,415 people and contains nearly 200 apartment buildings with nearly 8,000 rental apartments. Burlington has 4.9 apartments per 100 people, lower than Hamilton and Toronto. Burlington has 145 buildings (or 74%) less than 50 units in size and 51 buildings (or 26%) over 50 units in size. Most new multi-unit residential construction in Burlington has been in condominium projects, but Drewlo has been adding rental apartment buildings in the city’s west end for the last several years.

Vacancy Rates and Average Rents

Burlington has a low overall vacancy rate of 2.5%, but average vacancies range from 3.1% for bachelor apartments to 1.1% for 3+ bedroom apartments. Burlington is a suburban family-oriented city so it is expected that larger apartments with more bedroom are in higher demand, but the city has only 681 3+ bedroom apartments which means larger units may be undersupplied. Approximately 90% of the rental market is 1 bedroom and 2 bedroom apartments. Average rents are strong in Burlington and range from $719 for bachelor apartments to $1,250 for 3+ bedroom apartments.

For Investors

Burlington offers many different options and choices for investors thanks to a rental apartment market which contains a good mix of small, medium, and large apartment buildings. Investors can either enter the downtown market with their choice of a dozen large apartment towers, or find small and medium sized buildings near the city’s major shopping areas and intersections. Several large townhouse complexes are also available. Currently the only new construction is being undertaken by Drewlo but we expect other developers will soon realize Burlington has capacity to absorb new rental apartment construction and enter the market.