Why More Landlords Are Investing in Secondary Suites in Peterborough

In recent years, Peterborough, Ontario has seen a noticeable rise in landlords adding secondary suites—also known as basement apartments, in-law suites, or accessory dwelling units—to their properties. This growing trend is driven by a mix of market demand, housing shortages, and attractive financial benefits.

Meeting the Demand for Affordable Housing

Peterborough’s rental market is competitive, with more people looking for affordable housing options close to work, school, and amenities. Secondary suites in Peterborough provide high-quality, self-contained living spaces at a lower cost than traditional single-family homes or larger apartments. This makes them especially appealing to students, young professionals, and retirees who want independence without breaking the bank.

Boosting Rental Income for Landlords

For landlords, adding a secondary suite in Peterborough can significantly increase property revenue. With the city’s strong rental demand, a well-designed and legal suite can generate steady monthly income, often covering a large portion—or even all—of the mortgage payment.

Supporting Multi-Generational Living

In Peterborough, Ontario, many families are embracing multi-generational living to reduce expenses and stay connected. A secondary suite can provide a comfortable and private space for aging parents, adult children, or extended family members, all while keeping everyone close.

City Bylaws and Incentives

The City of Peterborough has taken steps to make creating secondary suites easier. Zoning regulations now allow for more flexibility, and in some cases, grants or loan programs are available to assist with renovations that bring suites up to code. Landlords should always check current Peterborough bylaws to ensure their unit is legal and compliant.

Long-Term Property Value Growth

Adding a secondary suite not only increases rental income potential but can also boost overall property value. As Peterborough’s housing market continues to grow, homes with additional living units often stand out to buyers seeking investment opportunities.

Final Thoughts

With housing demand on the rise and rental prices climbing, more landlords in Peterborough, Ontario are recognizing the benefits of investing in secondary suites. Whether for additional income, family needs, or long-term value, these units are becoming a smart choice in today’s real estate market.