Mississauga rent prices projected to continue to decline in December: report

 

While rent has continued to decline throughout the pandemic--particularly in the GTA--it is projected to increase in 2021.

A recent report from Rentals.ca and Bullpen Research & Consulting is projecting a three-per-cent increase by the end of the year.

However, rent is expected to continue to decline through the first half of 2021, before a slow, but strong, recovery through the second half of the year.

"2020 has been the most unpredictable year of my nearly 20-year career as a housing analyst…We expect the market to continue trending downward for the next four to six months nationally but start a slow recovery in the second half of 2021," Ben Myers, president of Bullpen Research & Consulting, said in a news release.

Additionally, based on the findings, Mississauga residents should expect a two-per-cent increase in the average price of rent from December 2020 to December 2021.

Further, those considering relocating may want to think about doing so soon, as Mississauga's average rent price year-over-year dropped 13 per cent this past November.

The average price for a one-bedroom home was down to $1,845 while the average price for a two-bedroom came in at $2,132.

The two areas of the city that saw the most activity in November were Mississauga City Centre and Cooksville areas, which saw a smaller decline in average prices--five and six per cent respectively--compared to last year.

Condo apartments saw the steepest drop among all property types this year, with the average monthly rent prices falling 19 per cent annually from $2,508 down to $2,038.

"Tenants looking for properties in urban settings in Canada had more choices in 2020, and for the first time in many years, landlords had to compete for renters and ramp up their marketing efforts," Matt Danison, CEO of Rentals.ca, said in the same release.