Brampton rental rates on the rise, but still among the most reasonable in GTA
Published August 17, 2021 at 4:21 pm
The average rent in Canada increased for the third month in a row, rising to $1,752 in July, up 1.8 per cent month over month, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
The average asking rent for all Canadian properties listed on Rentals.ca was down 1.1 per cent year over year in July, but has trended upward over the last few months: In April average annual rents were down nine per cent; in May they were down 5.7 per cent and in June average rents in Canada were down 2.7 per cent annually.
The market peaked in September 2019 at $1,954, before falling 14.3 per cent to a low of $1,675 in April 2021. The average rental rate has since increased by 4.6 per cent, erasing some of the pandemic-related declines, but average monthly rents are still $200 cheaper than in September 2019.
As the country continues back to normalcy, average rents for two-bedroom condominium and rental apartments are increasing at a faster rate than one-bedroom suites. Tenants continue to show a preference for larger units with many employees expecting to work from home at least part of the time moving forward.
Average rent for single-family homes continues to increase in the new work-from-home era, up 13.8 per cent in July to $2,666. This data is volatile on a monthly basis due to the wide range of single-family home offerings and changing composition of listings on Rentals.ca month over month.
Toronto finished second on the list of 35 cities for average monthly rent in July for a one-bedroom home at $1,855 and for a two-bedroom at $2,606.
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Year over year, average monthly rent for a one-bedroom in Toronto is down 9 per cent and down 3.2 per cent for a two-bedroom. Month over month, average rent for a one-bedroom in July was up 1 per cent and up 4.2 per cent for a two-bedroom.
Brampton came in 15th on the list for average monthly rent in July for a one-bedroom home at $1,557 and 18th for average monthly rent for a two-bedroom at $1,793.
Year over year, average monthly rent for a one-bedroom in Brampton is down 5.3 per cent, and average monthly rent is down 8.4 per cent for a two-bedroom.
Most of the major municipalities in Canada are still cheaper for renters than one year ago in July when looking at condo and rental apartments.
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