Home rental costs rise in Oakville, Burlington, Milton for the first time in a year
Published November 12, 2021 at 2:40 pm
Renters in Burlington, Oakville and Milton are all paying more for a place to live compared to last year.
The average rent in October for all property types in Canada was up 1.6 per cent year over year to $1,800, the first annual percentage increase this year, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
The average rental rate is up $31 or 1.8 per cent over last month, and up $125 or 7 per cent over the April low of $1,675.
Rental rates across Canada are rising after a tumultuous 2020, posting steady increases over the past several months — bad news for tenants who are already experiencing inflation elsewhere.
But asking rent for all Canadian properties listed on Rentals.ca is still $154 lower than the $1,954 monthly average in September 2019.
“The rental market continues to see increased demand and higher rent levels as the country returns to normalcy from the pandemic,” said Ben Myers, president of Bullpen Research & Consulting.
“Most of Canada’s major cities experienced rent declines of five per cent to more than 15 per cent at this time last year, but most of those markets are now up 2 to 5 per cent since then, so still well below 2019’s market peaks. The domestic market could exceed those peaks in 2022 with continued strong growth expected.”
Oakville finished third on the list of 35 cities for average monthly rent in October for a one-bedroom home at $1,984 and fourth for average monthly rent for a two-bedroom at $2,346.
Year over year, average monthly rent in October for a one-bedroom in Oakville was up 2.9 per cent and up 4.2 per cent for a two-bedroom.
Burlington came in fourth for average monthly rent in October for a one-bedroom home at $1,888 and sixth for average monthly rent for a two-bedroom at $2,244.
Year over year, average monthly rent in October for a one-bedroom in Burlington was up 2.1 per cent and up 9.8 per cent for a two-bedroom. Month over month, average rent in Burlington was up 3.5 per cent for a one-bedroom and up 1.6 per cent for a two-bedroom.
Milton was not included on the list, but average monthly rent in October for a one-bedroom home was $1,746, and average monthly rent for a two-bedroom was $1,990.
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 across all listings on Rentals.ca for Canada.
The Rentals.ca numbers show vacated properties that better reflect current values. The figures better represent the actual rents a potential tenant would encounter when seeking to rent a home.insauga's Editorial Standards and Policies advertising