Rental prices up close to 20% for two-bedroom units in Mississauga: Report
Published September 13, 2023 at 4:32 pm
Rental rates continue to climb in most major markets in Canada and GTA cities such as Mississauga are seeing significant annual increases.
According to Rentals.ca and Urbanation’s latest National Rent Report, Mississauga came in fourth on the list of 35 cities for average monthly rental rates in August. Last month, the average price of a one-bedroom apartment hit $2,379 and a two-bedroom unit cost tenants $2,872.
The report says that year-over-year, the average monthly rent for a one-bedroom suite in Mississauga was up 15.3 per cent and up 18.4 per cent for a two-bedroom unit.
Rental prices are also up month-over-month, with rates for one-bedroom units rising 0.6 per cent and rates for two-bedroom apartments climbing 1.4 per cent.
The report says tenants are being squeezed across the country, with the average asking rent in Canada reaching a record high of $2,117 last month. According to the report, that indicates a monthly increase of 1.8 per cent and an annual growth rate of 9.6 per cent.
From May to August, rents across Canada climbed 5.1 per cent–equivalent to a monthly rent increase of $103.
Experts say the significant housing shortage is to blame for the price increases, as supply continues to fail to meet increasing demand.
“Unlike in the U.S., rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades,” said Shaun Hildebrand, president of Urbanation, in the report.
“This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”
According to the report, increases were also noted in nearby Brampton, with rental rates rising 21.6 per cent to an average of $2,713.
As for what types of units are increasing most in price, the report says studio apartments are getting costlier for tenants month-over-month, with rates increasing 2.4 per cent to $1,480. Year-over-year, one-bedroom apartments are increasing in price–up 14.8 per cent annually to $1,880 a month.
The report says two-bedroom apartments and three-bedroom units commanded average asking rents of $2,233 and $2,448, respectively, marking annual increases of 12.3 per cent and 10.6 per cent.
Rents for shared accommodations, such as roommate arrangements, continued to rise, according to the report. Roommate rents in Ontario grew by 7.5 per cent year-over-year to an average of $1,040.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada.insauga's Editorial Standards and Policies advertising