In April, Mississauga had the fourth-highest average monthly rent for a one-bedroom apartment in Canada.
According to the latest National Rent Report from Rentals.ca and Urbanation, a Toronto-based real estate research firm, the average rent for one-bedroom apartment in Mississauga increased by 20% to $2,260 compared to this time last year.
According to the report, Mississauga’s rent for a one-bedroom apartment is the fourth highest in Canada.
The average monthly rent for a two-bedroom apartment which was $2,738 increased by up 23.8 percent, ranking Mississauga in fifth place.
Average asking rents in Canada rose by 20 percent in April for every property type to $2,002 over the pandemic low in April 2021 of $1,662, representing an average increase of $340 per month.
Shaun Hildebrand, President of Urbanation, said: “Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration. Tenants that signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”
The lowest rents in Canada are in Saskatchewan with Saskatoon and Regina one-bedroom apartments costing around $1,000 a month.
Matt Danison, CEO of Rentals.ca Network said: “Canadians have become accustomed to increasing rents after the pandemic. Record immigration with most newcomers renting, high interest rates keeping first-time home buyers on the sidelines, and inflation are all drivers of rising rents, increasing demand and low vacancy rates.”
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