Oakville, Milton among cities with highest prices for one- and two-bedroom apartments in GTA
Published August 26, 2021 at 10:48 am
After 14 months of declining prices in the GTA during the pandemic, the market for renting appears to be on the mend.
The average rent price in the GTA rose three per cent in July from the prices in June, marking the fourth consecutive month prices have increased, according to the latest data from Bullpen Research and Consulting and TorontoRentals.com
Currently, the average price of rent for a one-bedroom apartment in Oakville, which is $1,869, is the highest out of 19 GTA regions.
However, two- and three-bedroom units in Oakville are much more affordable. The average price for a two-bedroom apartment in Oakville is $2,181, which is the sixth-highest among these regions.
Additionally, while Oakville’s average price of a three-bedroom unit is $2,538, the third-highest on the list, it’s 17.6 per cent cheaper than the second-highest, Toronto, and 18 per cent cheaper than the highest, Vaughan.
Milton was also one of the more expensive markets in the GTA—it currently has the third most expensive average price, $1,820, for a one-bedroom unit.
Further, the price of a two-bedroom unit in Milton, on average, costs $2,276, the third-highest among these regions.
However, three-bedroom units in Milton are significantly more affordable than most other regions, as well as one- and two-bedroom units—the average price for a three-bedroom unit is 1,800, the second-least expensive in 19 regions.
“After the unprecedented rent declines experienced during the pandemic, the rental market is seeing renewed interest, with rents starting to increase more rapidly than they declined,” Ben Myers, president of Bullpen Research and Consulting, said in a news release.insauga's Editorial Standards and Policies