Cost to rent in Burlington, Oakville, Milton up 20 per cent over two years
The cost of renting a home in Burlington, Oakville, Milton and Halton Hills continue to skyrocket.
The average rent in Canada hit $2,000 per month in April, up more than 20 per cent of the pandemic low from two years ago, $1,662 in April, 2021.
The statistics in the National Rent Report were compiled by Rentals.ca and Urbanation.
“Rents continued to face upward pressure across Canada during April,” said Shaun Hildebrand, president of Urbanation.
“Tenants who signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”
The list compiled 35 communities across the country and Burlington finished seventh, with an average monthly rent in April for a one-bedroom at $2,171 and 10th for average monthly rent for a two-bedroom at $2,533.
Year over year, average monthly rent in April for a one-bedroom in Burlington was up 8.9 per cent, and up 12.6 per cent for a two-bedroom.
Oakville wasn’t included among the communities on the list, but average monthly rent in April for a one-bedroom home was $2,588, and average monthly rent for a two-bedroom was $3,719.
Oakville was the most expensive medium-sized market in Canada in April for condo rentals and apartments with average monthly rents at $3,413.insauga's Editorial Standards and Policies advertising