Rental rates down almost 10 per cent since last year in Mississauga, even as city remains one of Canada’s most expensive
If you want to move to a new apartment in Mississauga, you'll be paying less than you would have last year.
According to Rentals.ca's and Bullpen Research & Consulting's National Rent Report for April 2021, Mississauga finished fourth for average monthly rent in March for a one-bedroom home at $1,750 and eighth for average monthly rent for a two-bedroom at $2,058.
Prices for one-bedroom units are down 0.9 per cent from February 2021 and prices for two-bedroom suites are down 0.2 per cent month-over-month.
Year-over-year, the average monthly rent for a one-bedroom home in Mississauga was down 9.6 per cent in March, and down 8.7 per cent for a two-bedroom.
According to the report, prices are still down throughout Canada from 2020 due to the COVID-19 pandemic.
The report says the average asking rent for all Canadian properties listed on Rentals.ca in March was $1,685 per month, down $157 (or 8.5 per cent) from $1,842 in March of last year.
Since hitting a high of $1,954 in August 2019, the average monthly rental rate has steadily declined—now down $269 from the peak and down $29 from February.
That said, the report says there are some signs that the rental market is about as low as it's going to go.
According to the report, the average rent in Vancouver, Toronto and Montreal increased in March over February and median rent levels by bedroom type indicate that studios, two-bedroom, three-bedroom and four-bedroom properties have all increased in price year over year. The report says this suggests that outliers have had a big impact on the averages and the market might look a little different from what some of the data suggests.
The report says that renters who are working from home are looking for larger units that can accommodate a home office, which has resulted in a greater number of smaller units being listed on Rentals.ca, effectively pulling the average rent down.
The report also says that anecdotal evidence from leasing agents suggests that rental demand could be increasing in the downtown areas of Canada's major cities, as tenants look to get in at the bottom before rents rise with vaccination rates.
"We have seen a clear shift in the composition of units on Rentals.ca prior to COVID and in early 2021," said Matt Danison, CEO of Rentals.ca, in the report.
"There are fewer large units and single-family homes for rent, and many more tiny condominium suites, as tenants look for larger units to work from home. This shift is having a meaningful impact on the data, as the rent per square foot is actually higher in March of this year versus March 2020."
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 35 cities across Canada.
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