It is getting more expensive to rent one and two-bedroom apartments in Mississauga has increased an average of five per cent per year over the past five years.
According to tracking data from the Toronto Real Estate Board (TREB), the average rent in Mississauga for one and two-bedroom apartments increased an average of more than 25 per cent since 2013.
In the fourth quarter of 2013, a one-bedroom apartment could be had for an average cost of $1,415 per month. That amount had increased 25.1 per cent by the fourth quarter of 2017 to an average of $1,771 per month.
Two-bedroom apartments increased from $1,720 to $2,158, or 25.5 per cent, over that same period of time.
The largest increase occurred between Q4 of 2016 and Q4 of 2017, the average cost for a one-bedroom jumped eight and 10.7 per cent, respectively.
The year-over-year increase was more pronounced when it comes to bachelor apartments, which saw a 13.5 per cent increase in Q4 2017 compared to the same quarter the previous year. The average monthly cost for a three-bedroom apartment in Mississauga fell 8.3 per cent.
The problem is made worse because prices of detached, semi-detached and townhouses have all from $500,000 upward, this has forced young people to rent for longer periods of time and others to simply opt to rent rather than buy because they work in or around Mississauga.
The cost of renting in Mississauga is not expected to go down any time soon.