Apartment Rentals in Oakville Rise in Post-Vaccine Era


By Gene Pereira

Published on February 25, 2022 at 12:53 p.m.

Overall, apartment rentals in the GTA in January were $2,200 per month, an annual increase of 11.5% from January 2021. TOBIAS BJORKLI PEXELS PHOTO

The cost of renting an apartment in Oakville is on the rise.

A year after the average price plummeted, rental costs for an average apartment rose 11% to $2,100, according to the latest rent report from Bullpen Research & Consulting and TorontoRentals.com in the Toronto area. Greater Toronto (GTA).

This comes after prices fell 23% in January 2021, when an average rental apartment would cost you $1,893.

Overall, January GTA apartment rentals were $2,200 per month, an 11.5% year-over-year increase from the January 2021 average of $1,972 per month and a monthly increase 2.4%.

The average asking rent for all property types in the GTA has increased month-over-month for nine of the past 10 months, signaling that the rental market is recovering from pandemic-induced declines.

“The early pandemic shutdown and fear sent many tenants out of the expensive old Toronto area, and many students returned home; while the usual wave of new residents did not come, sending rents plummeting,” said Beth Myers, president of Bullpen Research & Consulting.

“The post-vaccine era has seen rents come back quickly, especially investor-owned condos, where suites are $500 to $600 more than a year earlier in Toronto and Mississauga, with some neighborhoods seeing a annual growth in average rents of 20% to 30 percent.

Toronto had the highest average monthly rents for apartments in January, at $2,184, a 12.8% year-over-year increase, following a steep 17.4% drop in January 2021.

Average monthly apartment rents in Oshawa fell 5.3% year over year to $1,738.

Toronto had the highest average rent in January for condominiums and apartments at $2,444 per month, an annual increase of 17.7%.

With many tenants still working from home, the desire for bigger properties in 2022 continues.

The average rent for two-bedroom and three-bedroom units in the GTA has increased by more than 10% year over year.

The average monthly rent for a single-family home rose 23% in January to $2,961 from the January 2021 average of $2,404.

The average monthly rent for a condominium apartment rose 21% in January to $2,483, compared to the January 2021 average of $2,050.

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