One bedroom renters paid nearly 9% more in Brampton than the national average in January
Published January 18, 2024 at 1:11 pm
The average price of rental units in Brampton remained mostly stable for the start of the new year, but the city is still considered one of the most expensive places to rent in all of Canada and the GTA.
The latest numbers from Urban Nation’s National Rental Report show the average price to rent a one-bedroom unit in Brampton for January came in at $2,117, up just a single dollar while two-bedroom rentals went for an average of $2,410, up 0.7 per cent from $2,393 in to December.
But those slight increases have moved Brampton from the No. 10 spot on a ranking of the most expensive city in Canada to rent to 8th place. Guelph came in at the No. 9 spot with an average of $2,078 for a one-bedroom while Ottawa took Brampton’s old spot at No. 10 at $2,064.
Brampton’s average one-bedroom rental price in January of $2,117 was nearly 9 per cent higher than the national average of $1,931.
The report looked at 35 cities across Canada, and the only other GTA municipalities with higher average rents than Brampton were Toronto, Mississauga, North York, Burlington and Scarborough at No. 3 through 7 respectively.
The most expensive city for rentals in the country was again Vancouver with a one-bedroom average of $2,866, while the most affordable was Saskatoon at just $1,132.
Asking rents across Canada have jumped a total of 22 per cent over the last two years, leading the average rent to go up the equivalent of $390 per month, according to the report.
And with rental demand expected to remain strong through 2024, Urban Nation says to expect an increase in home buying activity as interest rates begin to decline.
Looking forward to the rest of the year, the report predicts Canada’s housing market will still be “undersupplied” but should be more balanced as rental growth is expected to hit a five-year average of approximately 5 per cent.
Last year saw more potential homebuyers look to Brampton as real estate prices continued to climb in Toronto. For a look at some of the most expensive homes sold in Brampton for the end of 2023 click here.
