Mississauga rental rates on the rise while GTA prices plummet

 

Mississauga rental prices have increased, despite the fact many GTA markets have seen prices decline compared to 2019.

One- and two-bedroom units are down an average of $200 compared to peak levels this time last year, with year-over-year declines of 9.5 per cent and seven per cent respectively.

However, Mississauga has seen average rental rates per square foot for apartments and condos increase compared to August 2019.

Year-over-year rental prices for condos in Mississauga have increased 6.3 per cent, while apartment rental prices saw an increase which is nearly double--12 per cent.

Outside of Etobicoke, North York, and Mississauga, rental prices in the GTA have seen steep declines, with the average rental price for condos in the city of Toronto down 16 per cent year-over-year.

Additionally, eight GTA neighbourhoods have experience double-digit declines in the average rental rates year-over-year.

The decline has been attributed to multiple causes, including a lack of incoming international students, as well as an increase in the supply of rentals due to a decline in tourism, among others.

“The pandemic and the resulting work from home necessity has continued to put pressure on the downtown Toronto rental market,” Matt Danison, CEO of Rentals.ca, said in a news release.

“Less immigration, fewer students, and less need to be close to work is decreasing demand, in the face of increasing new condo and rental apartment completions," he continued.

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