One-bedroom apartments in Mississauga third most expensive on list of 35 Canadian cities
Published October 19, 2020 at 9:29 pm
Although COVID-19 has taken a bite out of rental rates by driving some people out of dense city centres, Mississauga is still a pricier place for tenants.
According to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report, rents for one- and two-bedroom apartments and condominium rentals are down year-over-year, while the average rent for all Canadian properties has remained the same the last four months.
According to the report, Mississauga came in third for average monthly rent on the list of 35 cities for a one-bedroom home at $1,932 and eighth for average monthly rent for a two-bedroom at $2,152.
As far as one-bedroom units go, prices are up 0.2 per cent month-over-month and 1.4 per cent year-over-year. Prices for two-bedroom units are down 0.2 per cent month-over-month and 6.3 per cent year-over-year.
Year-over-year in Mississauga, the average rent for apartments and condominium rentals declined 5.8 per cent in September.
According to the report, the September average monthly rate across Canada is down 9.5 per cent annually.
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As for what’s driving rental rates down, the report says with more people working from home (and seeking larger dwellings), there’s less demand for urban condos and apartments.
Rentals.ca data shows average rents declining 4 per cent annually for rental apartments around 400 square feet in Canada, and average rents increasing 17 per cent for 1,100-square-foot rental apartments.
According to the report, the average monthly rent is down for all bedroom types in Canada with one-bedroom suites falling 6.3 per cent annually to just under $1,600. Two-bedroom units fell by 5.4 per cent year over year to about $1,890 per month.
Three-bedroom units in the third quarter declined from $2,258 per month to $2,155 per month, a 4.6 per cent decline. Four-bedroom homes saw the smallest drop (-3.6 per cent) to $2,725 per month.
In Toronto, the average monthly rent for a one-bedroom home dropped under $2,000; down for the seventh straight month. That said, Toronto still led the list of 35 cities for highest average monthly for a one-bedroom, while Vancouver led the list for average monthly rent for a two-bedroom.
“Many prospective tenants desire more space as they work from home,” said Matt Danison, CEO of Rentals.ca, in the report.
“We encourage our clients to highlight any extra space such as a den which can be used for office space or amenities such as fast internet, which can make working from home easier.”
As far as other cities go, Burlington finished fourth for average monthly rent for a one-bedroom home in September at $1,883 and 12th for average monthly rent for a two-bedroom at $2,009.
Oakville came in sixth for average monthly rent for a one-bedroom home at $1,841 and fourth for average monthly rent for a two-bedroom at $2,268.
Brampton came in 13th for average monthly rent for a one-bedroom home at $1,614 and 15th for average monthly rent for a two-bedroom at $1,904.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada. This month’s report charts rents for 35 cities across Canada.
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