Rental rates in Mississauga down 10 per cent from last year
Although Mississauga still remains one of Canada's most expensive cities for tenants, prices have dipped quite substantially year-over-year.
According to Rentals.ca's and Bullpen Research & Consulting's latest National Rent Report, the average asking rent for all Canadian properties listed on Rentals.ca in April was $1,675 per month, a decrease of $167 (or 9 per cent) from $1,842 in April 2020 and down 1 per cent monthly.
In April 2021, Mississauga finished sixth on the list of 35 cities for average monthly rent for a one-bedroom home at $1,723 and for a two-bedroom at $2,076.
Last month, rental rates for one-bedroom units in Mississauga fell below those found in municipalities that are generally more affordable, including Markham and Burlington.
Year-over-year, rents in Mississauga are down 10.6 per cent for a one-bedroom and 8.9 per cent for a two-bedroom.
According to the report, prices haven't moved much month-over-month in Mississauga, with rates for one-bedroom units dropping 1.6 per cent since March 2021 and rates for two-bedroom units climbing 0.9 per cent.
Overall, rents are down 1.4 per cent month-over-month in Mississauga.
According to the report, Mississauga experienced one of the largest annual decreases (10 per cent) in average rent in April for condo rentals and apartments. Other cities that saw substantial drops include Etobicoke (down 15 per cent), Toronto (down 13 per cent) and North York (down 11 per cent).
The report says the average monthly rental rate in Canada has steadily declined—now down $279 from the peak high of $1,954 in August 2019.
The report says that although rents have continued to fall on a national basis, they are up regionally (with some units gaining more popularity than others). According to the report, average rental rates increased month-over-month in Ontario, British Columbia, Alberta and Quebec, suggesting the market might have turned a corner with increased tenant demand.
While COVID has had a significant impact on a number of Canadian municipalities, the report suggests that residents are still trying to get into the rental market and moving for better deals and more space before prices start rising more consistently.
According to the report, the average rent for one- and two-bedroom units across the country in April decreased 9 per cent year over year. That said, five-bedroom properties were up 9 per cent annually from April 2020.
The report says that larger single-family homes have performed well during the pandemic as tenants seek out more space to work from home.
"Despite the continued decline in average rents on a national level, the rental market has started to turn up with rents increasing month over month in most of the largest provinces in the country," said Ben Myers, president of Bullpen Research & Consulting, in the report.
"The drop overall in Canada is likely the result of a lower share of listings in Ontario in April compared to March, which we believe is the result of units leasing faster as opposed to more vacant units in the other provinces.
"Even with the prolonged pandemic, there appears to be increased rental demand, but it will take a few months before we declare it a trend and not a statistically anomaly based on a changing composition of listings."
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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