Mississauga Apartments are the Third Most Expensive in Canada
It's no secret that apartments are expensive in Mississauga, but it might surprise people to hear that Mississauga has the third highest average rent for a one-bedroom apartment on a list of 25 major Canadian cities.
In fact, one bedroom units in Mississauga cost more than similar units in Vancouver.
A recently released February 2019 Rent Report, put together by Rentals.ca and Bullpen Research & Consulting, also points out that Mississauga boasts the fourth highest average rent for a two-bedroom apartment.
According to the report, Mississauga residents are paying about $1,877 a month for a one-bedroom unit (and in a city where the rental vacancy rate sits at just 0.8 per cent, the trend isn't all that surprising).
Two-bedroom apartments are even more unaffordable, averaging $2,231 a month.
While rental rates are quickly climbing higher in Mississauga, the city isn't alone. In fact, the report notes that the median monthly rent across Canada increased nearly 6 per cent in January over December to $1,747.
The National Rent Report charts and analyzes national, provincial and municipal monthly rental rates and market trends across all listings on Rentals.ca for Canada.
According to the report, the only city with more expensive one-bedroom units is Toronto (although the report actually separates Toronto proper from Etobicoke, hence Mississauga is third on the list). Toronto residents pay about $2,149 for a one-bedroom, while those in Etobicoke pay $1,922.
In Vancouver, one-bedroom units cost about $1,835—just $42 less than Mississauga residents.
The median rent in Ontario was $2,091 in January, a full $1,000 per month higher than neighbouring Manitoba ($1,070) and Quebec ($1,039). Those looking for affordable rentals might want to look east, as Newfoundland remains the least expensive province in Canada, with a median rental rate of $843 per month, a slight increase from $830 in December.
So, what should Mississauga apartment hunters do?
Give themselves a lot of time.
“It is important when searching for Mississauga rentals to give yourself plenty of time to score a good deal -- Rentals.ca recommends starting your rental search three months in advance,” said Matt Danison, CEO of Rentals.ca.
“A lot of people begin the process too late, and unless they get lucky, they might be forced to go with something either out of their budget or in an undesirable location.”
Not unexpectedly, Toronto had the highest one-bedroom rents in Canada at $2,149 per month on average in January, an increase of 0.6% from a month earlier. Not surprisingly, a number of GTA suburban markets were among the most expensive cities for rents in Canada, with one-bedroom units going for $2,050 per month on average in Thornhill, $2,042 in Vaughan (includes Woodbridge and Concord), and $1,999 in Oakville.
The good news is that inventory is increasing in some areas. In fact, there have been about 10,000 apartments completed over the last five months in the GTA, and this increase in supply could keep rents stable.
Still, the entire province boasts a tougher market.
According to the report, Ontario had the highest average rental rates in January, with landlords seeking $2,164 per month on average, an increase of 2 per cent from December ($2,123).
As for what's driving rent, an earlier Rentals.ca report says other factors driving rental rates higher include prospective homebuyers choosing to stay in rental units due to high housing prices, homeowners staying in their homes for longer, higher interest rates and an increase in international immigration.
That report also found that rates could climb 10 per cent higher in Mississauga in 2019.
But Mississauga won't be alone. The report suggests there will be further rent increases in Canada if credit availability remains tight and employment growth remains positive (so yes, a strong economy can still be tough on renters). Another factor that could keep rent high is the federally-implemented stress test, as the test makes it more difficult for renters to purchase homes because they have to qualify at higher interest rates than they ultimately be paying.
Have you had trouble finding an affordable apartment in Mississauga?
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