Studio apartment rentals jump in price across Canada as rates increase again in Brampton
Published March 12, 2024 at 3:52 pm
More renters are looking at studio apartments despite a price spike in Brampton and across Canada.
The numbers come from the latest National Rent Report which shows that the average rental cost of the smallest unit types had the largest jump in price last month as prospective renters shift toward more affordable housing options.
Studio apartments saw the largest increase in average rental rates in Canada than any other property type at $1,589 for a nearly 15 per cent increase last month compared to February 2023.
One-bedroom units also saw a spike in price of 13.4 per cent to a Canada-wide average of $1,984, while two-bedroom apartments and condos jumped more than 11 per cent to $2,350. But the average list price for those same types of rentals in Brampton will cost more than most other Canadian cities, according to the report.
Brampton held fast at 9th out of 35 on Urbanation’s monthly rental price round-up with an average monthly rent for one-bedroom units coming in at $2,155 for a price drop of just 1.5 per cent compared to rental rates in January, while two-bedroom apartments came down by 2.4 per cent to $2,398.
While prices saw a slight dip in Brampton, Rentals.ca says average asking rents across Canada have increased by 21 per cent since February 2022 “just before the onset of interest rate increases by the Bank of Canada.”
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Purpose-built rental apartments saw a 14.4 per cent year-over-year increase for an average of $2,110 in February while condominium rental apartments saw a 5.0 per cent annual increase with average asking rents of $2,372.
February also saw a 5 per cent spike in the average home list price in Brampton, up to $1,033,673 last month, meaning motivated buyers looking for a home in Peel should be prepared with a pre-approval so they can scoop up a property quickly.
Nearly 900 new properties came on the Brampton housing market in February with 185 of those selling within the month for an average of 33 days active, down 37 per cent from January.
