Renters in Mississauga are facing the second highest rates in Ontario, according to the latest rental report.

The average rent for a one-bedroom apartment in Mississauga was $2,371 in June, according to Rentals.ca and Urbanation's July national rental report.

This represents an increase of 1.4 percent from last month, and 0.4 percent compared to this time last year.

The rent for a two-bedroom unit is $2,778, which is an increase of 2.8 percent month-over-month but a decrease of 1.5 percent compared to this time last year.

These figures make Mississauga the second most expensive city for rent in Ontario, ranking just behind Toronto.

Across Canada, Vancouver tops the list with one-bedroom units reaching $2,724. Burnaby ranks second with one-bedroom rents at $2,543, and while rents remain high, the report notes a slowdown in the market.

The average rents for all types of residential properties in Canada increased by seven percent year-over-year in June, reaching an average of $2,185 per month, according to the report. This represents the slowest annual growth rate in 13 months.

Month-over-month, the average rents decreased by 0.8 percent across Canada, marking the largest decline since early 2021 during the COVID-19 pandemic, and reversing the typical seasonal trend of rising rents at this time of year.

Sean Hildebrand, president of Urbanation, said: “It is clear that national rents are stabilizing, and at this stage of the market, strong rent increases are largely confined to cheaper cities, particularly in the Canadian prairies, while larger markets dealing with severe affordability issues are seeing rent slowdowns or declines.”

Rents for purpose-built and rented residential apartments decreased by 1 percent in June compared to the previous month, averaging $2,146.

Year-over-year, apartment rents rose by 9% driven by an 11% increase in rents for purpose-built units, which now average $2,121.

In contrast, rents for residential apartments increased by 2.6 percent, averaging $2,320.

Additionally, studio rents for residential units decreased by 5.1 percent year-over-year to $1,823, while rents for purpose-built studios increased by 14.6 percent to $1,613.