Here’s how much rent has increased in 4 years in Mississauga

Despite recent declines in rent, most Mississauga residents are still paying a lot more a month than they did four years ago.

The average price for a one-bedroom apartment came in at $2,343 in September in Mississauga, the latest National Rent Report from Rentals.ca and Urbanation said.

This is a -0.2 per cent decline from August and down -0.7 per cent year-over-year but overall renters are paying much more than they did just a few years ago.

At the end of 2020, a one-bedroom place was an average of $1,816 and the monthly rent for a two-bedroom was $2,112. The pandemic impacted rental rates but in the beginning of 2019, a one-bedroom apartment was at $2,000 a month.

A two-bedroom apartment sits at $2,759 in September, down -1.2 per cent compared to August, and -3.3 per cent year-over-year.

Across Canada, average asking rents for all residential property types increased by 2.1 per cent year-over-year in September, reaching an average of $2,193 per month, the report states. This marks the smallest annual rent growth since October 2021.

However, rents remain 13.4 per cent higher than two years ago and 25.2 per cent higher than three years ago across Canada, reflecting the lasting impact of the pandemic on housing costs, the report states.

“Rents in Canada are increasing at their slowest pace in nearly three years, largely the result of foreign student enrolments dropping by roughly a half from their record highs, with the impact felt most in B.C. and Ontario,” said Shaun Hildebrand, president of Urbanation.

“Meanwhile, smaller, more affordable markets continue to see strong upward pressure on rents as demand shifts to less expensive parts of the country.”

Mississauga rents remain the fourth highest in the country, just behind Toronto, Burnaby and Vancouver. Other Ontario cities in the top 10 include Oakville, Burlington, North York, Etobicoke and Barrie.

See the full National Rent Report here.