Mississauga remains a pricy city for renters despite COVID-19 crisis
While the condo and rental apartment markets have taken a hit amid the COVID-19 pandemic, a new report suggests that prospective tenants can't expect to get too much of a break on their rent in Mississauga.
According to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report, Mississauga finished third on the list of 40 cities for average monthly rent for a one-bedroom home at $1,929 and ninth for average monthly rent for a two-bedroom at $2,157.
According to the report, rents for one-bedroom apartments in the city are down 0.2 per cent month-over-month, but static year-over-year. That said, rents for two-bedroom apartments in Mississauga are down 1.1 per cent since last month and down 7.5 per cent since this time last year.
Annual rental rates for rental and condo apartments in Mississauga have dropped 4 per cent to $2,079.
The report says that Toronto still led the list in August for highest average monthly rent for a one-bedroom home at $2,013, but rents for a one-bedroom in the city have dropped for six straight months.
Nearby Brampton came in thirteenth on the list for average monthly rent for a one-bedroom home at $1,668 and twentieth for average monthly rent for a two-bedroom at $1,898.
In Brampton, rents for one-bedroom units rose 1.4 per cent month-over-month. When it comes to two-bedroom units in the city, rents are down 3 per cent month-over-month, but up 7.3 per cent year-over-year.
Burlington came in fourth on the list for average monthly rent for a one-bedroom home at $1,926 and fifteenth for average monthly rent for a two-bedroom at $1,995. Oakville finished fifth on the list for average monthly rent for a one-bedroom home at $1,925 and sixth for average monthly rent for a two-bedroom at $2,217.
Overall, prices for one- and two-bedroom apartments and condominium rentals are down year-over-year in 40 Canadian cities, while the average rent for all Canadian properties has remained almost the same the last three months of August, July and June.
The report says that in August, the average rent for all property types listed on Rentals.ca in the country was $1,769, down $2 from July’s $1,771 and $1 from June’s $1,700. The August average monthly rate is down 7.6 per cent annually.
The report says a number of pandemic-related factors are behind the decline in demand for rentals, such as job losses, less immigration, virtual learning at the post-secondary level, travel restrictions, young professionals moving back in with their parents, low interest rates that make it easier for people to buy homes outside of urban centres and people working from home in less expensive housing markets.
“The average rent for all property types in Canada remains flat, but rental rates for the most expensive central properties in Toronto, Vancouver and Montreal continue to decline,” said Ben Myers, president of Bullpen Research & Consulting, in the report.
“Despite the lower rent levels and incentives offered by landlords recently, there is less financial motivation to move during a pandemic, especially with Ontario freezing rent hikes on all rent-controlled properties for 2021. The lifting of COVID-19 eviction bans in several provinces could lead to further supply hitting the market and further depressing rent levels.”
The report says that Ontario had the highest rental rates in August, with landlords seeking $2,071 per month on average (all property types)—down 10.8 per cent annually.
As for what the future holds for the urban rental market, the report says that things could change as offices start to re-open for white-collar employees, as data suggests tenants are still interested in rental housing in proximity to transit.
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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