Rental rates in Mississauga up since last month, but down compared to last year
Published June 21, 2021 at 7:17 pm
If you plan on searching for an apartment in Mississauga, you may pay a little more than you might have last month but still less than you would have had you been house-hunting last year.
According to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report for June 2021, Mississauga came in fifth on the list of 35 Canadian cities for average monthly rent for a one-bedroom home in May at $1,758 and eighth for average monthly rent for a two-bedroom at $2,080.
Prices for one-bedroom units are up 2 per cent from April 2021 and rates for two-bedroom suites are up just 0.2 per cent month-over-month.
Year over year, the average monthly rent in Mississauga was down 9.3 per cent in May for a one-bedroom and 2.4 per cent for a two-bedroom.
Nearby Brampton finished 15th for average monthly rent in May for a one-bedroom home at $1,622 and 20th for average monthly rent for a two-bedroom at $1,817.
Year over year, the average monthly rent in Brampton was down 3.2 per cent in May for a one-bedroom and 4.5 per cent for a two-bedroom. Month-over-month, the average rent was up 0.2 per cent for a one-bedroom but down 0.1 per cent for a two-bedroom.
According to the report, the average asking rent for all Canadian properties in May grew by 2 per cent month-over-month to $1,708 — the first increase after six straight months of declines driven by lengthy lockdown measures.
The report says that year-over-year, the average monthly rent for all Canadian properties is down 5.8 per cent. Since hitting a high of $1,954 in August 2019, the average rental rate has declined by $246 per month.
The report suggests the Canadian rental market is finally starting to recover due to a more robust vaccine rollout and the anticipated softening of border measures that will, in time, lead to an increase in immigration, tourism and school and work-related travel.
“Data in May showed the first definite sign of a market turnaround, as COVID-19 has had a major impact on rental rates, sending them plunging, especially in the downtown core areas of Canada’s largest cities,” said Ben Myers, president of Bullpen Research & Consulting, in the report.
“The ramp-up in the vaccine rollout and anticipated return to normalcy has tenants trying to get in before rents trend up, increasing demand for all product and bedroom types in May, especially in Vancouver and Toronto.”
According to the report, people are still looking for larger homes. The average monthly rental rates for single-family homes continue to rise — increasing from $2,214 in January to $2,608 in May, an 18 per cent uptick.
The report says anecdotal evidence shows bidding wars remain common and tenants are renting homes they have not seen in person.
According to the report, condo rentals experienced the steepest decline year over year, decreasing by 9.4 per cent. That said, condo rents are up 1.7 per cent monthly. Keeping with the trend towards larger homes, smaller units have seen rents decline and larger units have seen rents increase. All units with a rounded unit size under 1,000 square feet saw per-foot rent levels decline year-over-year in May.
The report says that rental properties with a rounded unit size greater than 1,000 square feet, however, experienced year-over-year increases in average rent between 1 per cent and 9 per cent.
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.insauga's Editorial Standards and Policies advertising