Primarily due to the high cost of homeownership, almost half of those who live in Thunder Bay rent their homes. The rental market is competitive, with a low vacancy rate of 1.7% for purpose-built buildings and just 1.1% for apartments.
Despite the challenges of renting in Thunder Bay, plenty do. And the main reason for this is that renting can be convenient and affordable. Also, since you don’t own the property, you don’t have to worry about maintenance and repairs, even in the worst-case scenario.
With that said, your landlord’s insurance only extends so far. If your belongings are damaged (or if you damage someone else’s) you’ll be out of pocket.
Fortunately, tenant insurance can help you cover the cost of replacing or repairing your assets and shield you from the financial blow of an insured peril. Learn more about how renters insurance in Thunder Bay works, what it can do for you, and how you can get the best policy for your budget.
How Much Does Tenant Insurance in Thunder Bay Usually Cost?
Tenant insurance in Thunder Bay usually costs $396/year, which translates to monthly premiums of $33, around $130 more when compared to the Ontario average rate of $264/year.
With that said, it’s important to remember that these are just average figures. How much insurers will actually charge you depends on a variety of factors, such as where in Thunder Bay you live, what kind of dwelling you rent, and what kind of items you need to insure.
A Snapshot of Thunder Bay Renters
According to the 2021 Census of Population, almost half (48.1%) of Thunder Bay residents, translating to 557,970 households, are renters. High-rise apartments are the second-most popular housing structure, comprising a massive 46.7% of all dwellings. The 2023 rental report by the Canada Mortgage and Housing Corporation found that the ratio of completions to rentals for apartments has maintained at around 36%.
The vacancy rate of both purpose-built buildings and apartments both fell in 2023 to 1.7% and 1.1% respectively, despite a record number of apartments being added to the market. Meanwhile, the average rent for two-bedroom homes rose 6.5% to $1,765, while two-bedroom condos cost $2,671.
The CMHC attributes this to an increase in interprovincial migration, post-pandemic rental demand (especially as students return to school), and employment recovery for the youth – a group that accounts for most of the rental households in the GTA.
A lack of supply combined with rising mortgage costs are turning many away from homeownership. As more people rent for longer, we’ll likely see more pressure on the rental market in Thunder Bay.
Average Monthly Rent in Thunder Bay
The average monthly rent in Thunder Bay varies by apartment type, with bachelor apartments at $823, one-bedroom at $1,054, two-bedroom at $1,322, and three-bedroom or larger at $1,511.
| Apartment Type | Average Monthly Rent |
|---|---|
| Bachelor | $823 |
| 1 Bedroom | $1,054 |
| 2 Bedroom | $1,322 |
| 3 Bedroom + | $1,511 |
Thunder Bay Rent Price Over The Years
Below are average rent prices in Thunder Bay categorized by apartment types. The average rent for 1-bedroom apartments rose from $831 in 2018 to $1054 in 2023, a 26.8% increase over 5 years.
Thunder Bay Vacancy Rate Over the Years
The vacancy rate for Bachelor apartments in Thunder Bay fluctuated significantly, peaking at 8.1% in 2020 and dropping to 3.6% in 2023. It’s a 55.6% decrease from the peak.
Thunder Bay Population Growth
Thunder Bay’s population increased from 107,909 to 108,843 people between 2016 and 2021, indicating a growth rate of roughly 0.8% over five years. This is a relatively low population growth rate compared to other Ontario cities.
What Is Not Included in a Typical Thunder Bay Renters Insurance Policy?
Even if you’ve opted for a highly comprehensive tenant insurance policy, there are some risks that insurers explicitly don’t include as a covered peril. These are called “exclusions” by Thunder Bay insurance companies.
Here are the most common tenant insurance exclusions:
Note that a tenant insurance policy doesn’t cover loss or damage to items that aren’t yours, so it won’t cover a roommate’s belongings or your landlord’s possessions. Also, the list above is by no means an exclusive enumeration of risks typically excluded from a tenant insurance policy in Thunder Bay. Talk to your tenant insurance provider to see what’s covered by your policy in case of loss or damage.
How You Can Get Cheap Tenant Insurance in Thunder Bay?
If you’re trying to save money on your preferred home insurance coverage in Thunder Bay, visit our main province page for practical tips.