Oakville apartment rentals increase in post-vaccine era
Published February 25, 2022 at 12:53 pm
The cost of renting an apartment in Oakville is on the rise.
A year after the average price had fallen, costs of an average apartment rental rose 11 per cent to $2,100, according to the latest Bullpen Research & Consulting and TorontoRentals.com Greater Toronto Area (GTA) Rent Report.
That comes after prices had fallen 23 per cent in January of 2021, when an average rental apartment would cost you $1,893.
Overall through the GTA apartment rentals in January were $2,200 per month, an annual increase of 11.5 per cent over the January 2021 average of $1,972 per month and a monthly increase of 2.4 per cent..
The average asking rent for all property types in the GTA has increased month over month for nine out of the last 10 months, signaling that the rental market is recovering from the pandemic-induced declines.
“The early pandemic shutdown and fear sent many tenants out of the expensive old Toronto area, with many students moving back home; while the usual wave of new residents didn’t come, sending rents plummeting,” said Beth Myers, president of Bullpen Research & Consulting.
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“The post-vaccine era has seen rents come back quickly, especially investor-held condos, where suites are $500 to $600 more expensive than a year earlier in Toronto and Mississauga, with certain neighbourhoods seeing annual growth in average rents of 20 per cent to 30 per cent.”
Toronto had the highest average monthly rents for apartments in January at $2,184, a year-over-year increase of 12.8 per cent, following a big decline of 17.4 per cent in January 2021.
Oshawa average monthly apartment rents declined by 5.3 per cent year over year to $1,738.
Toronto had the highest average rent in January for condo rentals and apartments at $2,444 per month – an annual increase of 17.7 per cent.
With many renters still working from home, the desire for larger properties in 2022 continues.
Average rent for two-bedroom units and three-bedroom units in the GTA increased more than 10 per cent year over year.
The average monthly rent for a single-family home increased 23 per cent in January to $2,961 over the January 2021 average of $2,404.
The average monthly rent for a condo rental rose 21 per cent in January to $2,483, over the January 2021 average of $2,050.
