How much you’ll spend to rent a condo in 4 different areas of Mississauga

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Published November 3, 2022 at 10:12 am

Although we’re hearing a lot about home prices dropping month-over-month, borrowing costs are rising and more and more Mississauga residents are looking for rentals–and are quickly finding out that leasing a suite is quite costly. 

According to a recent National Rent Report from Rentals.ca and Bullpen Research and Consulting, Mississauga finished 11th on the list of 35 cities for average monthly rent in September for a one-bedroom apartment at $1,947 and 12th for average monthly rent for a two-bedroom at $2,457. The average rental rate in the city climbed 14 per cent from September 2021 to September 2022, hitting $2,314. 

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But while the rates are fairly high across the board, some neighbourhoods are more affordable for tenants than others. 

According to data compiled by Nik Oberoi, a broker with RE/MAX Hallmark, condo rentals in the Eglinton and Hurontario area are more affordable than those in the downtown (Square One) area. They’re also more affordable than condos for rent in the south and north ends of the city. 

“There is a huge decrease in rental listings and a continued increase in rental demand for new immigrants coming into the country. Inevitably, if the number of listings go down, but rental demand goes up the prices are bound to increase as they have,” Oberoi says on his website. 

“Furthermore…the demand for rent has been directly tied to the increase in mortgage rates. As rates drop, the rental market drops because purchasing becomes more attractive. As rates continue to rise, purchasing becomes less feasible and brings more buyers to the rental market.” 

Here’s a look at rental rates across four areas in Mississauga:

City Centre (Square One-area condos) 

According to Oberoi’s website, the average cost to rent a condo in Square One is $2,760.

In October 2021, there were 248 suites available for rent. In October 2022, there were 137 listings.

The average one-bedroom leases for $2,544, and the average two-bedroom leases for $2,979.

Hurontario (condos in the Eglinton and Hurontario area)

If you want to rent a condo in this area–which isn’t far from Square One–you can expect to spend about $2,640 a month–a little less than you would if you were in City Centre proper. 

In October 2021, there were 102 rental listings. Last month, there were 57 suites available for rent.

The average one-bedroom leases for $2,394, and the average two-bedroom leases for $2,912.

South Mississauga (condos in Clarkson and Port Credit)

If you want to live in a condo by the lake, expect to pay a bit more. The average cost to rent a condo in South Mississauga is $3,060 and inventory levels remain low.

In October 2021, there were 22 rental listings, and in October 2022, there were 23 suites available for rent.

The average one-bedroom costs $2,500 a month and the average two-bedroom costs $3,584.

North and Northwest Mississauga (condos in Meadowvale, Erin Mills and Churchill Meadows)

This family-friendly part of the city actually offers rare three-bedroom condos, which typically lease for over $3,000. According to Oberoi’s website, the average cost to rent a condo in North Mississauga is $2,860 and inventory is limited.

In October 2021, there were 63 rental listings, and in October 2022, there were 54 suites available for rent.

The average one-bedroom leases for $2,400, the average two-bedroom leases for $2,900 and the average three-bedroom leases for $3,120.

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