Tenants looking for a new home in Mississauga might be disappointed to learn that rental rates are still high but relieved to hear that the significant increases recorded in 2022 appear to be behind us–at least for now.
According to the latest National Rent Report produced by Rentals.ca and Urbanation, Mississauga finished seventh on the list of 35 cities for average monthly rent in February. Last month, the cost of a one-bedroom unit hit $2,181, and the average monthly rent for a two-bedroom climbed to $2,608.
The rate for a one-bedroom unit is up 19.1 per cent year-over-year, while rates for two-bedroom suites are up 18.1 per cent.
Prices are also slightly up month-over-month. In February, the price of a one-bedroom unit was up 0.6 per cent from January and the price of a two-bedroom unit climbed one per cent.
Mississauga isn’t an outlier when it comes to increasing rental rates.
According to the report, the average asking rent for all property types in Canada rose 9.7 per cent year-over-year in February to $1,984.
That said, the significant rent increases recorded last year do appear to be moderating.
According to the report, last month marked the first time since June 2022 that average rents did not see double-digit increases.
“The annual rate of rent inflation has been moderating since reaching a high of 12.4 per cent in November. Rents decreased 0.6 per cent from January and have declined 2 per cent over the past three months,” the report reads.
While tenants can expect to pay over $2,000 a month for a one-bedroom unit, Mississauga is not the most expensive municipality for renters in Canada. According to the report, nearby towns and cities such as Toronto ($2,501 for a one-bedroom), Oakville ($2,268), Burlington ($2,220) and Vaughan ($2,190) are all costlier.
That said, the report notes that Mississauga is among the seven fastest-growing medium-sized markets for purpose-built and condominium rents in February, with rates up 18.9 per cent.
The report indicates that the province is expensive overall, as Ontario led the country in annual rent inflation with a 16.2 per cent increase in rent year-over-year in February, hitting an average of $2,449.
“The rental market experienced a pullback over the past three months following record-breaking rent growth in 2022,” Shaun Hildebrand, president of Urbanation, said in the report.
“The recent slowing can be related to high rental costs impacting affordability and an increase in new supply from apartment completions. However, several key markets experiencing high demand continued to see rents trend higher last month.”
The Rentals.ca Network numbers show only vacated properties that reflect the actual rents a potential tenant would encounter when seeking to rent a home. The numbers do not account for occupied units.
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