Brampton’s lower rent rate in May bucks general trend in GTA
Published June 29, 2021 at 5:58 pm
Despite average rents being up slightly overall in the GTA, Brampton actually saw a slight decrease in the amount it costs to lease a condo or apartment.
The average rental rate for all property types in the GTA rose to $1,999 in May, up $22 from April’s $1,977, according to the latest Bullpen Research & Consulting and TorontoRentals.com Toronto GTA Rent Report.
However, in Brampton, the average dropped 0.6 per cent, the second largest decrease in the GTA behind Oshawa.
In Brampton, the report says the average monthly rent for a one-bedroom is $1,670, for a two-bedroom it’s $1,978 and for a three-plus-bedroom it’s $2,174.
After the steep declines of 2020, the average rental rate could have hit bottom in the first quarter of this year as tenant demand has increased. The average rent per square foot increased in May to $2.80, up 2.2 per cent since January.
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Year over year, average monthly rents for all property types in the GTA were still down by 11.4 per cent in May.
But the rapid pace of decline has slowed considerably, and the June report shows in some cases, several rental metrics have begun to slowly reverse trend and increase.
“The rental market in the GTA has turned a corner and is trending back up again; bad news for tenants, and good news for landlords,” said Ben Myers, president of Bullpen Research and Consulting.
“With Toronto entering the next stage of COVID-19 reopening, tenants will be reminded of the benefits of a centrally located apartment or condominium rental, as patios fill up and boutique retail shops open. We expect an increase in leasing activity as tenants look to take advantage of the current incentives at many buildings before they disappear.”
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