Oshawa rentals spiking 11.4 per cent year-over-year in August – National Rent Report

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Published September 13, 2023 at 3:17 pm

The good news for Oshawa renters is the average price for a one-bedroom apartment in the city actually went down 1.9 per cent in August from the previous month.

The not so good news? Rents have spiked 11.4 per cent in the past year for one bedroom units and 10.1 per cent for two bedrooms. Despite Oshawa’s relative affordability in relation to the rest of the GTA – or perhaps because of it – the year-over-year increases are outpacing the national average increase of 9.6 per cent, with average rents in Canada reaching $2,117 per month.

Oshawa’s average rent is $1,860 for one bedroom units and $2,171 for two bedroom units.

The numbers are from the latest National Rent Report from Rentals.ca and Urbanation, which show rents up 1.8 per cent nationally in the last month alone.

Over the past three months, spanning from May to August, the Canadian rental market experienced a 5.1 per cent increase in asking rents, equivalent to a monthly rent increase of $103.

“Unlike in the U.S., rent inflation in Canada has failed to cool down despite rental completions having reached their highest level in decades” said Shaun Hildebrand, president of Urbanation. “This is illustrative of the severe rental housing shortage across the country and the magnitude of the impact on rental demand as the population expands by a record pace.”

Calgary led the way in rent growth among Canada’s largest cities, recording a 17.3 per cent year-over-year increase to an average of $2,068 for purpose-built and condominium apartments, with Montreal in second with annual growth of 16.4 per cent, marking the first time asking rents surpassed $2,000 at $2,001. Toronto and Vancouver, the country’s most expensive cities, posted below-average annual rent increases of 8.7 per cent and 7.3 per cent, respectively, reaching average monthly costs of $2,898 (Toronto) and $3,316 (Vancouver). Notably, average rents in Vancouver decreased by 0.7 per cent on a monthly basis.

Studio apartments recorded the most significant month-over-month rent increase, increasing by 2.4 per cent to an average of $1,480. One-bedroom units led the year-over-year growth at 14.8 per cent averaging $1,880 per month. Meanwhile, two-bedroom apartments and three-bedroom units commanded average asking rents of $2,233 and $2,448, respectively, marking annual increases of 12.3 per cent and 10.6 per cent.

Mississauga came in fourth on the list of 35 cities for average monthly rent in August for a one-bedroom at $2,379 and $2,872 for a two-bedroom. Year over year, average monthly rent in August for a one-bedroom in Mississauga was up 15.3 per cent and up 18.4 per cent for a two-bedroom.

Brampton came in fifth (up from ninth in July) on the list for a one-bedroom at $2,274 and for a two-bedroom at $2,650.  Year over year, average monthly rent in August for a one-bedroom in Brampton was up 29 per cent and up 25.7 per cent for a two-bedroom.

Burlington slid into the eighth spot for a one-bedroom at $2,209 (down 2.3 per cent from July) and $2,653 for a two-bedroom. Year over year, average monthly rent in August for a one-bedroom in Burlington was up just 1.2 per cent and up 4.2 per cent for a two-bedroom.

Hamilton placed 19th, just ahead of Oshawa with one-bedroom units renting for $1,901 and two bedrooms for $2,294. That’s up 9.6 per cent and 6.1 per cent, respectively, from this time last year.

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada. The data from the digital rental platform Rentfaster.ca is incorporated into this report, which was written by Urbanation, a Toronto-based real estate research firm providing market analysis and consulting services since 1981.

 

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