Average rental price of condos and apartments increased two per cent in Mississauga in May

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Published June 29, 2021 at 2:30 pm

for_rent

After several months of declining rent prices, the market seems ready to rebound.

Rental prices in the GTA increased in May, including in Mississauga, which saw a two per cent increase in average rental prices for condos and apartments, according to the latest data from Bullpen Research and Consulting and TorontoRentals.com.

The average rental price for the GTA rose to $1,999 in May, an increase of $22 compared to April’s average price of $1,977.

In Mississauga, the average rental price currently sits at $1,967. 

Additionally, in May, the average price per square foot increased to $2.80, a 27-per-cent increase from January’s price of $2.2.

However, while rental prices have increased slightly in May 2021, they’re still down compared to the same time last year—the average rental price in May 2020 was 11.4 per cent higher.

The rise in prices has been attributed to an increase in demand among tenants, likely linked to the rapidly increasing vaccination rates.

“The rental market in the GTA has turned a corner and is trending back up again; bad news for tenants, and good news for landlords,” Ben Myers, president of Bullpen Research and Consulting, said in a news release.

“With Toronto entering the next stage of COVID-19 reopening, tenants will be reminded of the benefits of a centrally located apartment or condominium rental, as patios fill up and boutique retail shops open. We expect an increase in leasing activity as tenants look to take advantage of the current incentives at many buildings before they disappear,” he continued.

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