We talk quite often about how high renting and buying prices are here in Mississauga, with the city having entered the upper echelon in the country, making it fairly impossible for the average person to ever own a home. Well, the news isn’t great for the rest of us that are forced to rent our abodes either.
Every year the Landlord and Tenant Board allows landlords of most residential apartment buildings, houses, condos, and so on, to raise your rent by a specified amount. That percentage uptick must coincide with the Residential Tenancies Act, the same body that determines how and why a landlord can evict a tenant.
Anyway, for the year 2020, your landlord has been given the right to increase your rent by 2.2%. That might not sound like a lot of money but it’s the largest increase since 2013. And when you already struggle to pay your rent each month, while your building also puts up the price of the laundry machines, it all starts to add-up and make life rather difficult.
For the city of Mississauga, the average rent for a two-bedroom apartment is $1,405. A 2.2% increase applied to that number means the rent would be increased by around $30. Again, some of you reading might not think $30 is a big deal, but $30 could be the difference between eating and not eating for many people. And if nothing else, it certainly means one less expense a month like going to the movies together.
As if that news weren’t daunting enough, rental rates for uninhabited units are expected to increase by roughly 8% this year. Which means those average two-bedroom apartments will be rising to $1,517. However that’s only the average two-bedroom apartments, so not factoring in condo’s and townhouses, which would only make the numbers bigger.
As for when you can expect these increases to be implemented, tenants can only change your rent after you’ve lived somewhere for 12 months or more, and they must provide up to 90 days notice. Unfortunately, it seems like the issues with rental rates is going to get worse before it gets better, meaning more and more young people will be leaving Mississauga in search of cheaper pastures.