Apartment rents in Mississauga now the fourth highest in Canada

It’s getting more expensive to rent an apartment or home in Mississauga.

The latest rent report is out and it’s not good news.

Average asking rents in Canada hit a record high of $2,042 in June surpassing the November record of $2,024 by 0.9 per cent, according to the latest National Rent Report from Rentals.ca and Urbanation.

In Mississauga, rents are even higher, a one-bedroom place comes in at $2,362 and a two-bedroom unit was at $2,821 in June, according to the report.

This is a year-over-year average monthly rent increase of 23.4 per cent for a one-bedroom  and up 17.7 per cent for a two-bedroom.

This puts Mississauga in fourth place out of 35 of Canada’s largest cities for average monthly rent for a one-bedroom unit in June.

Month-over-month, one-bedroom rents are up 2.2 per cent and two bedrooms increased by 3.4 per cent.

“Rent inflation reaccelerated in June as the Canadian rental market entered into the busy summer season, with each of the country’s largest cities positing double-digit annual increases,” said Shaun Hildebrand, president of Urbanation.

“It’s no coincidence that cities with the fastest population growth are at the top of the list for rent increases. Expect further upward pressure on rents in the near-term as the market moves through its peak period of the year and demand continues to strongly outstrip new supply.”

The least expensive places to rent are mostly in western Canada with Grand Prairie, AB rents less than half of Mississauga rents at just over $1,000 for a one bedroom.

The report suggests average rents will continue their upward trend with population growth,  and another Bank of Canada interest rate hike. This will make it even harder on home buyers.

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 the Rentals.ca Network for Canada. The data from the digital rental platform Rentfaster.ca is incorporated into the report.

Rentals.ca Network data is analyzed and the report written by Urbanation, a Toronto-based real estate research firm providing in-depth market analysis and consulting services since 1981.

For the complete July 2023 Rent Report, visit the website here.