Average home rental prices in Oakville nearing pre-pandemic rates
Published May 20, 2022 at 4:16 pm
The average home rental price in Oakville continues to climb and is getting closer to pre-pandemic rates.
Across the country the average rent for Canadian properties listed on Rentals.ca was $1,821 per month, an annual increase of nine per cent from $1,676 per month in April 2021, according to the Rentals.ca and Bullpen Research & Consulting’s latest National Rent Report.
That’s the lowest national average rate over the last four years. with the monthly results in 2022 close to pre-pandemic rent levels. April 2022’s average rent is about $25 lower than the levels experienced the same month in 2020 and 2019.
Oakville was fourth on the list for average month rent, with prices for a one-bedroom home in April at $2,010 and seventh for average monthly rent for a two-bedroom at $2,333.
Year over year, average monthly rent in April for a one-bedroom in Oakville was up 8.1 per cent and up 3.4 per cent for a two-bedroom.
Month over month, average rent in Oakville was up 5.3 per cent for a one-bedroom and up 0.09 per cent for a two-bedroom.
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Spring is typically a time when the rental demand picks up, and softening resale housing market conditions could further boost rental demand.
Demand for transit-friendly and walkable urban locations will also likely rise due to high gas prices.
“Rental rates overall in Canada have been relatively stable through the first four months of the year, which masks some of the underlying movements,” said Ben Myers, president of Bullpen Research & Consulting. “Average rental rates for single-family homes, townhouses and condominium apartments have experienced strong month-over-month growth as demand increases for higher-end properties.
“Big city rents are surging with Vancouver and Toronto leading the way. A return to the office, high gas prices, and rising interest rates are all fueling demand for centrally located rental offerings.”
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