Despite prices returning to normal, average rent in Brampton and Mississauga mostly unchanged
Published July 29, 2021 at 2:10 pm
While the average price of rent in the GTA is starting to rebound after dropping dramatically during the pandemic, it’s still not back to what it used to be.
According to the latest report from Bullpen Research and Consulting and TorontoRentals.com, the average rental price for the GTA for all properties increased by 0.9 per cent in June to $2,017. This is the third consecutive month prices have increased.
However, the average price of rent is still $200 (nine per cent) less than this time last year, and it’s still $440 (18 per cent) less than when it was at its peak in November 2019.
As vaccination rates continue to increase, and restrictions continue to ease, prices are slowly starting to return to pre-pandemic levels.
In Brampton and Mississauga, rent prices have stayed nearly the same through the second quarter of 2021—Brampton’s average rental price dropped 0.6 per cent to $1,969 during this time, while Mississauga’s dropped 0.3 per cent to $1,997.
Additionally, in Brampton, the average price per square foot is $3 for a 500 sqft condo, and $2.38 for a 1,000 sqft condo.
In Mississauga, the average price per square foot is $3.24 for a 500 sqft condo, and $2.16 for a 1,000 sqft condo.
“The neighbourhoods with low levels of new condo construction experienced over the past decade have seen the biggest increases in rent in 2021 in the city of Toronto,” Ben Myers, president of Bullpen Research and Consulting, said in a news release.insauga's Editorial Standards and Policies