Brampton one-bedroom rental prices spiked more than 12% last month
Published November 18, 2022 at 11:46 am
The average cost for one-bedroom and two-bedroom rentals in Brampton jumped more than 12 per cent in October, climbing over 30 points compared to the same time last year.
The numbers come from the lastest National Rent Report by Rentals.ca and Urbanation, which found average rents across Canada rose 11.8 per cent year-over-year in October to an average of $1,976 across all property types.
The report shows Brampton ranked 11th on a list of 35 Canadian cities for the average monthly rent of a one-bedroom unit last month at $2,052 per month, and 10th for average monthly rent for a two-bedroom at $2,463.
That’s a 12.7 per cent bump from September for a one-bedroom, and 14.6 per cent for a two-bedroom unit.
Year-over-year, the average monthly rent for a one-bedroom in Brampton was up 30.4 per cent in October, and up 32.2 per cent for a two-bedroom.
The report said the data for Brampton was higher last month due to a new rental building opening recently.
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Shaun Hildebrand, president of Urbanation, called the growth in rentals across Canada “unprecedented,” saying the need to ramp up the supply of rentals “has never been greater.”
Rental rates in Brampton were lower than neighbouring Mississauga last month, which finished eighth on the list for a one-bedroom at $2,091 in October, and ninth for average monthly rent for a two-bedroom at $2,474.
“The unprecedented growth in rents underway is broad-based across Canada, with most markets reporting double-digit annual rent inflation,” Hildebrand said. “The rental market keeps getting hotter with each interest rate increase, coupled with a record high increase in the population.”
The report said the latest annual increase for rents was more than double the increase in annual average hourly wages of Canadian employees at 5.6 per cent, according to data from Statistics Canada for October.
Rental rates in Brampton were lower than neighbouring Mississauga last month, which finished eighth on the list for a one-bedroom at $2,091 in October, and ninth for average monthly rent for a two-bedroom at $2,474.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level.
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