Rental Costs in Mississauga Surge to New Heights

The latest rent report brings unsettling news for prospective renters in Mississauga, Ontario. According to the National Rent Report, compiled by Rentals.ca and Urbanation, average asking rents in Canada have reached a record high. In June, the average monthly rent across the country surpassed the previous record set in November, climbing to $2,042—a 0.9% increase. Unfortunately for Mississauga residents, the situation is even more challenging. The report reveals that the average cost of a one-bedroom apartment in Mississauga reached $2,362, while a two-bedroom unit stood at $2,821.

Comparing year-over-year data, the report highlights a significant increase in rental prices. One-bedroom apartments experienced a staggering 23.4% rise, while two-bedroom units saw a notable 17.7% surge. These figures place Mississauga in fourth position among Canada’s 35 largest cities for the average monthly rent of a one-bedroom unit in June. Moreover, when analyzing month-over-month changes, one-bedroom rents rose by 2.2%, and two-bedroom rents increased by 3.4%.

Shaun Hildebrand, President of Urbanation, commented on the rental market’s recent trends, stating, “Rent inflation reaccelerated in June as the Canadian rental market entered into the busy summer season, with each of the country’s largest cities posting double-digit annual increases.” He further noted that cities with rapid population growth tend to experience the highest rent increases. As the market enters its peak season and demand continues to surpass supply, rents are expected to rise further in the near future.

Interestingly, the most affordable rental options are primarily located in western Canada. For instance, in Grand Prairie, Alberta, the average rent for a one-bedroom apartment is just over $1,000—less than half the cost of a comparable unit in Mississauga. The report also predicts that average rents will continue their upward trajectory due to population growth and an anticipated interest rate hike by the Bank of Canada. This, in turn, will exacerbate the challenges faced by prospective home buyers.

The National Rent Report provides comprehensive insights into monthly, quarterly, and annual rates and trends in the rental market, encompassing national, provincial, and municipal levels. The report incorporates data from the Rentals.ca Network, a digital rental platform, as well as insights from Rentfaster.ca. Urbanation, a renowned Toronto-based real estate research firm that has been offering in-depth market analysis and consulting services since 1981, analyzes the Rentals.ca Network data and prepares the report.