Oakville fourth on list of priciest cities for renters
Published March 15, 2022 at 11:04 am
The cost of renting a condo or apartment in Oakville continues to rise.
With the annual costs of renting up 6. 2 per cent across Canada, Oakville finished fourth among the priciest cities for renters according to the Rentals.ca and Bullpen Research & Consulting latest National Rent Report.
Oakville was one of seven GTA cities on the list of 35 with average monthly rent in rent in February for a one-bedroom home at $1,922 and fifth for average monthly rent for a two-bedroom at $2,421.
Year over year, average monthly rent in February for a one-bedroom in Oakville was up 9.8 per cent and up 14.8 per cent for a two-bedroom.
The average rent for all Canadian properties listed on Rentals.ca in February was $1,820 per month, an increase of 6.2 per cent annually.
“The rental market overall in Canada continues to trend upward in the post-vaccine pandemic period, with continued strength in the market for larger suites,” said Ben Myers, president of Bullpen Research & Consulting.
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“Growth in average rents for one-bedroom units lags other bedroom types, with two-, three- and four-bedroom units exceeding February 2020 pre-COVID-19 rent levels last month. British Columbia, specifically Vancouver, and downtown Toronto are leading the market recovery, pushing rents up nationally.”
National average monthly rents hit a high of $1,954 in August 2019, then during the worst of the COVID-19 pandemic declined to a low of $1,676 in April 2021 before coming back to the low $1,800s at the beginning of this year.
Rents could continue to push higher in the near future because of increasing demand as a result of supply chain disruptions, record inflation, increasing interest rates and much higher gas prices.
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