Mississauga GTA Rental Market October 2023
Mississauga GTA Rental Market October 2023 Summary
As per the October 2023 TRREB Rental Market Report, during the third quarter of 2023, the Greater Toronto Area (GTA) saw a continued surge in demand for rental condominium apartments, as reported by TRREB’s MLS® System. Approximately 14,400 condominium apartments were leased through the MLS® System, marking an almost 8% increase compared to Q3 2022.
Simultaneously, the supply of available rental units rose by over 22%. Strong population growth and high borrowing costs were the driving forces behind this rental demand, especially among first-time home buyers facing affordability challenges due to high mortgage rates. The trend is expected to persist, emphasizing the need for a sustainable rental housing supply.
In Q3 2023, the average lease rate for one-bedroom condominium apartments was $2,633, a 6.1% increase from Q2 2022, while two-bedroom units averaged $3,430, up by 7.8% during the same period. Despite the increase in rental supply, robust competition among renters has maintained above-inflation rent hikes, possibly influenced by strong rent growth and potential future regulations regarding vacant units and short-term rentals.
In our experience, another notable trend is home buyers looking to purchase incoming generating properties. Basically homes with rentable basement apartments fall under this category.
Mississauga GTA Rental Market October 2023 Stats
GTA Condo Apartments Share in Rental
Source: CMHC, Rental Market Report
GTA Condo Apartment Vacancy Rate
Source: CMHC, Rental Market Report
Summary of Rental Transactions 2023 Q3 | |||||||||||||
All Apartments
| Bachelor Apartment
| One-Bedroom Apartment
| Two-Bedroom Apartment
| Three Bedroom Apartment
| One Bedroom Townhouse | Two Bedroom Townhouse | Three Bedroom Townhouse | ||||||
| City | Total Listed | Total Leased | Leased | Avg. Leased Rate | Leased | Avg. Leased Rate | Leased | Avg. Leased Rate | Leased | Avg. Leased Rate | Avg. Leased Rate | Avg. Leased Rate | Avg. Leased Rate |
| Burlington | 129 | 78 | 0 | – | 36 | $2,466 | 40 | $3,368 | 2 | $4,765 | $2,113 | $2,870 | $3,386 |
| Milton | 75 | 56 | 0 | – | 22 | $2,381 | 31 | $2,834 | 3 | $3,050 | $2,850 | $2,890 | $3,500 |
| Oakville | 515 | 341 | 2 | $2,150 | 222 | $2,483 | 114 | $3,224 | 3 | $3,583 | – | $3,024 | $3,668 |
| Brampton | 236 | 121 | 0 | – | 65 | $2,301 | 47 | $2,853 | 9 | $3,250 | $2,193 | $2,819 | $3,194 |
| Mississauga | 1,904 | 1,349 | 13 | $2,230 | 653 | $2,563 | 641 | $3,102 | 42 | $3,795 | $2,288 | $2,997 | $3,576 |
| Toronto | 15,907 | 10,643 | 591 | $2,279 | 6,249 | $2,674 | 3,431 | $3,603 | 372 | $4,999 | $2,435 | $3,276 | $4,082 |
| Vaughan | 1,016 | 767 | 5 | $1,700 | 415 | $2,452 | 336 | $2,933 | 11 | $3,620 | $2,500 | $3,062 | $3,724 |
| Oshawa | 59 | 38 | 19 | $1,503 | 48 | $2,231 | 45 | $2,722 | 2 | $3,855 | $888 | $2,283 | $2,595 |
Looking to Buy or Invest in an Income-generating Property in Mississauga & Area?
Need a consultation for Buying an income-generating Property or Investing in a townhome or a condo or Buying a builder new condo or home, Team Kalia is just a phone call away!
Square One Condos in Mississauga, Downtown, Midtown & Uptown Toronto Condos are gaining momentum and make for a great investment in the current market. Additionally, there are quite a few listings of homes with separate rentable basements across the GTA.
Simply pick up the phone and give us a call at 905-339-5111 for a Free Buyer/ Investor Session.
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