Mississauga rent 4th highest in Canada as average rent for a one-bedroom up 20% to $2,260

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Published May 15, 2023 at 3:00 pm

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Mississauga had the fourth-highest average monthly rent for a one-bedroom apartment in Canada in April.

The average rent for one-bedroom in Mississauga increased to $2,260, up 20 per cent compared to this time last year, according to the latest National Rent Report from Rentals.ca and Urbanation, a Toronto-based real estate research firm.

Mississauga rent for a one-bedroom apartment is the fourth highest in Canada, according to the report.

The average monthly rent for a two-bedroom apartment was $2,738, up 23.8 per cent, putting Mississauga in fifth place.

But rents are increasing everywhere in Canada.

Average asking rents in Canada rose 20 per cent in April for all property types to $2,002 over the pandemic low in April 2021 of $1,662. That’s an average increase of $340 per month.

Average rents were up 9.6 per cent compared to April 2022 ($1,827) but unchanged from March ($2,004).

“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration,” said Shaun Hildebrand, president of Urbanation. “Tenants that signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”

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And rents are expected to continue to increase in the next few months because of high demand from Canada’s growing population, and from more tenants staying in the rental market with the high cost of homes and high interest rates.

The year-over-year percentage of increases should begin to moderate as the country and the rental market came back from the pandemic last year.

The lowest rents in the country are in Saskatchewan with Saskatoon and Regina one-bedroom apartments going for around $1,o00 a month.

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“Canadians have become accustomed to increasing rents after the pandemic,” said Matt Danison, CEO of Rentals.ca Network. “Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand and low vacancy rates.”

The Rentals.ca Network numbers show only vacated properties that reflect the actual rents a potential tenant encounters when seeking to rent a home. The numbers do not account for occupied units.

See the full rent report here.

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