Tenants in Brampton are feeling the pinch as the cost of renting a one-bedroom apartment has surged by 7.4% over the past year, according to a new report. The average rent for a one-bedroom apartment in Brampton reached $2,116 last month, reflecting a significant increase from May 2023.
This trend is part of a larger pattern observed across Canada, where the average rent for a one-bedroom apartment has risen by more than 15%, reaching $1,927. Nationwide, asking rents across all property types have increased by 9.3% year-over-year, averaging $2,202, nearly $200 more than in May of the previous year.
In certain cities, particularly in Alberta and Saskatchewan, the increase has been even more pronounced. Edmonton, for instance, saw a year-over-year rise of over 16%, bringing the average rent for a one-bedroom apartment to $1,367.
Despite these increases, Brampton still ranks 9th on the National Rental Report. Interestingly, the city experienced a slight month-over-month decrease of 1%, with April’s average rent for a one-bedroom apartment recorded at $2,137.
The report also highlighted contrasting trends in major cities. Toronto’s average apartment rent decreased by 0.9% year-over-year to $2,784, while Vancouver saw a 4.1% drop. Shaun Hildebrand, President of Urbanation, noted in the report from Rentals.ca and Urbanation that, “Markets such as Vancouver and Toronto, which had experienced some softening in rents in previous months, are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases.”
Shared rental accommodations have also seen price hikes, with asking rents for shared spaces increasing to $992 in May across four provinces, including Ontario. British Columbia and Ontario had the highest average rents for shared accommodations, at $1,191 and $1,069, respectively. Alberta experienced the largest increase in shared accommodation rents over the past year, rising by 9.6% to $883.
In terms of real estate sales, Brampton saw 517 units change hands last month, indicating a potential mismatch between supply and demand, or a shortage of affordable housing options in the city.