One-bedroom rentals jump more then 6% from 2023 levels last month in Brampton
Published April 12, 2024 at 12:38 pm
The asking price for one-bedroom rental units in Brampton took a jump again last month, pushing the city higher up the ranks on a list of the most expensive in Canada.
The numbers come from the latest National Rental Report which found that Brampton climbed up two spots from No. 9 to No. 7 on a list of 35 most expensive Canadian cities to rent.
Mississauga saw an even more expensive spike moving up to No. 5 on the list with an average one-bedroom rental rate of $2,283. Toronto ranked at No. 3 with a one-bedroom average of $2,471, followed by Vancouver at No. 2 ($2,633) and North Vancouver taking the top spot ($2,704).
In March, the average price of a one-bedroom apartment in Brampton went up just 0.4 per cent month-over-month to $2,165, up from $2,155. But when compared to the same time last year, those numbers show a 6.7 per cent spike in the average price of one-bedroom units.
Two-bedroom apartments came down by 2.4 per cent to $2,398 in February and data from real estate website Rentals.ca shows the average rental price came down again in March to $2,376.
Homes were selling fast in February but the annual rate of rent growth slowed again in March. One-bedroom units saw a Canada-wide spike in price of 13.4 per cent to an average of $1,984 in February and the average price climbed again in March to $2,181.
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Average asking rents for studio condos dropped 0.8 pre cent annually to an average of $1,852 while one-bedroom condo rents increased by 3.0 to an average of $2,110.
The highest annual growth in rents for purpose-built rental apartments was for the smallest and least expensive unit types, with studio rents rising 14.9% from last year to an average of $1,564 and one-bedroom rents up 13.6% to $1,926.
As for sales, prospective homebuyers might see some increased competition on the Brampton market this spring as sales are expected to pick up, meaning motivated buyers looking for a home in Peel should be prepared with a pre-approval so they can scoop up a property quickly.
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