Mississauga and Brampton rank 10th and 11th for highest apartment rents in Canada
Published October 18, 2022 at 11:53 am
Rents continue to rise nearly reaching $2,000 for a one-bedroom apartment in Mississauga and over $2,000 in Brampton.
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, according to the latest National Rent Report from Rentals.ca and Bullpen Research and Consulting.
Year over year, average monthly rent in September for a one-bedroom in Mississauga was up 7.7 per cent and up 12.7 per cent for a two-bedroom.
Mississauga average rent for condo rentals rose 14 per cent year over year to $2,314 in September.
Brampton rents higher
Brampton, which has lower real estate costs on average, topped Mississauga in September. But the numbers for Brampton are likely impacted by a new rental building opened recently in the city, the report notes.
Brampton came in 10th on the list for average monthly rent in September for a one-bedroom at $2,019 and 13th for average monthly rent for a two-bedroom at $2,453.
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Year over year, average monthly rent in September for a one-bedroom in Brampton was up a whopping 24.4 per cent and 31.2 per cent for a two-bedroom.
Month over month average rent in September for a one-bedroom rose 22.9 per cent and was up 17.1 per cent for a two-bedroom.
Demand for rentals
Mississauga is seeing demand for rentals increase. Mississauga was the ninth most popular city (based on page views for rentals) in Canada for renters, followed by Toronto in 10th place, the report notes. Nearby Etobicoke came in 11th.
Across Canada, the average rent for all property types on Rentals.ca rose 21.9 per cent since the recent low of $1,676 per month in April of last year, and increased 15.4 per cent year over year and 4.3 per cent monthly.
The average rent is now about $100 more than the pre-pandemic peak level from the fall of 2019.
“The 4.3 per cent increase in average asking rent from August to September is the largest monthly increase since Rentals.ca and Bullpen Consulting began publishing this report in 2018,” said Ben Myers, president of Bullpen Research & Consulting.
“Part of the increase is attributable to larger units on the market, and high-end building completions adding expensive listings, but rental demand has increased significantly with the continued interest rate hikes, falling ownership house prices, and changing post-pandemic preferences.”
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.
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