Mississauga rental rates are on the way up in coming months
Published December 14, 2021 at 11:26 am
If you’re planning to rent a home or apartment in Mississauga, the time to do so is now or you can expect to pay more in the months ahead.
That’s the take from the latest Bullpen Research and Consulting and Rentals.ca forecast, which shows average rent for all properties in Mississauga, across the GTA and Canada is on the rise over the next year.
Currently, the average rent in Mississauga is $2,125/month, up 3 per cent from earlier this year, but still below the $2,232 figure from March 2019 (and even higher rent numbers through 2019 and into early 2020).
Looking forward, the report forecasts a 7 per cent rent increase between now and November 2022, when the average rent for all properties in the city is expected to be $2,265/month.
That hike places Mississauga second among a group of Canada’s five larger municipalities. Only Toronto, with a forecasted rent increase of 11 per cent, is higher.
Vancouver checks in at 6 per cent while Montreal is forecast at 5 per cent increase and Calgary a 3 per cent hike between now and next November.
Looking at the current situation in Mississauga, for one- and two-bedroom rentals, the average November 2021 rent is $1,796/month and $2,142/month, respectively.
Those figures are only slightly off from monthly rents paid last year at this time, with one-bedroom rates down by about 2.5 per cent this year and two-bedrooms up by less than 1 per cent.
The rental rates for one- and two-bedroom units in Mississauga place the city sixth on a list of Canada’s most expensive municipalities in which to rent.
Vancouver ($2,132 for a one-bedroom and $2,998 for two-bedroom) is atop the list followed by Toronto, Oakville, Burlington, Etobicoke and Mississauga.
Beyond the numbers, the report suggests more renters are seeking larger properties during the COVID-19 pandemic.
“As has been the trend, larger units experienced stronger annual increases in average rent, suggesting that tenants continue to seek larger units to rent while working from home,” the report reads.
The report also indicates that one- and two-bedroom units experienced the largest declines of all bedroom types in 2020 and their recovery has not been as sharp as the rest of the market.
And the smaller units, those of about 500 square feet, are experiencing the sharpest decline in popularity, again as more people work from home.
“Landlords have expressed that tenants are looking for an apartment with a separate place to work,” the report states.insauga's Editorial Standards and Policies