Mississauga's Rent Prices Are Predicted To Jump By Even More Than Toronto's In 2020
Start saving up those pay cheques.
The word "rent" has become a bit of a dirty word for Torontonians, especially with how much it increasingly costs to live in the 6ix and the GTA. Well, if you think 2019 was rough, just wait until 2020. Among the predictions made in Rentals' latest national report looking at the cost of rent in the GTA is that while prices will continue to rise in the city of Toronto, they'll actually jump even more in Mississauga.
Rentals' report for December 2019 looked back at the last month's trends as well as switching focus towards what is expected to happen as a new decade starts.
And, according to that assessment, rent in Mississauga is expected to rise by 8% in the next year.
That's tipped to beat even Toronto's jump, which Rentals is expecting to be about 7%.
So, for instance, if you live in Mississauga and paid the November 2019 average rate of $2,405 per month, the forecast suggests you should be expecting to be handing over up to $200 more every 30 days by the end of next year.
December 2020 rent in Mississauga is estimated to be $2,585 per month on average. These numbers are based on all property types available for rent in the Mississauga region.
In the year just gone, for comparison, 'Sauga's average rent rose by 10.2% from $2,232 to $2,405.
So, Mississauga's rate of increase is predicted to be slower than last year, but still faster than Toronto's will be.
The cost of renting a place to live in the 6ix rose about 8.6% this year. It's forecasted to hit around $2,770 by this time in 2020, which would be about a 7% climb.
As for the province of Ontario as a whole, the biggest increase in the cost of renting an apartment in Ontario was in Hamilton with 25 percent.
Meanwhile,alone is the most it's ever been in the past five years.
The ever-climbing rate may not come to a shock for many people in the Toronto area, given the continued trend.
And it seems the desperate search for affordable housing and rentals has well and truly spread to Mississauga.
Nobody can be entirely sure of what to expect come 2020. But it sure seems like we'll have to start saving up a lot more money if we plan to continue renting in the 6ix.
Or near it, for that matter.