Milton’s rental market grows as GTA residents seek affordable options

By: Mike Su, Local Journalism Initiative Reporter, The Milton Reporter

The latest market insights reveal a growing interest in rental options, making Milton an appealing destination for both renters and buyers seeking alternatives to the Greater Toronto Area (GTA).

 

Based on a report from the Toronto Regional Real Estate Board (TRREB) and REALTOR.ca, the GTA rental market has seen notable changes since the third quarter of 2024, driven by strong population growth and an increase in new listings.

 

According to TRREB’s Q3 2024 Rental Market Report, Milton’s rental market showed steady performance despite broader GTA rental trends. Rental prices in Milton experienced moderate growth compared to the previous year, with the average rent for one-bedroom apartments at $2,025 and two-bedroom units averaging $2,348—a slight increase from 2023. While more rental listings have appeared across the GTA, the number of units being rented in Milton has remained steady. With more options available, renters now have better bargaining power, leading to a more balanced market.

 

Ermias Sahle, an IT professional who works from home, recently relocated to Milton after considering various options in the GTA. His experience highlights the practical advantages of living in Milton.

 

“Rent in Milton is generally lower than in Toronto and some other parts of the GTA. Many renters find this a significant factor in their decision to relocate,” Sahle said. “Lower rental costs often come with reduced expenses for parking, utilities, and everyday living essentials like groceries. However, some costs, such as commuting or gas expenses, may increase for those working in Toronto.”

 

Sahle also appreciates Milton’s relaxed vibe, green spaces, and family-friendly amenities. “It’s a great place to raise a family, with parks, schools, and local businesses nearby,” he said. However, he noted that public transit isn’t as convenient as in Toronto, and the slower pace took some getting used to. Despite these adjustments, Sahle feels the move was worth it, enjoying the improved quality of life and small-town charm Milton offers.

 

Milton also remains a hotspot for homebuyers. REALTOR.ca insights show strong interest in residential properties, with houses making up 75.1 per cent of searches, followed by row/townhouses at 22.5 per cent and apartments at 15.6 per cent. Experts anticipate that if interest rates stabilize or decrease, some renters may transition into homeownership, potentially increasing rental availability in the coming months.

 

David Buckingham, a sales representative with Royal LePage Meadowtowne Realty, has lived in Milton for over a decade and believes the town’s rapid growth makes it a promising market for both renters and investors.

 

“Milton is one of the fastest-growing cities in North America,” Buckingham said. “We’re expecting significant developments, including a new train station, a Costco, and even a university. These additions will enhance the town’s infrastructure and attract even more residents and businesses.”

 

 

Unlike Toronto, where compact living spaces are common, Milton’s housing market primarily caters to families and individuals seeking more space. Buckingham explained the lack of bachelor apartments in TRREB data as a result of Milton’s traditional housing layout and larger lot sizes. Prospective buyers, many of whom receive financial assistance from their families, view real estate as a long-term investment.

 

Among the top-searched price ranges, homes priced between $600,000 and $800,000 were the most sought-after, with significant interest also in properties valued at $500,000. Features such as garages (50.5 per cent), finished basements (26.2 per cent), and waterfront properties (26.2 per cent) were popular among potential buyers.

 

Demographically, the 35-to-44 age group represents the largest share of potential buyers (23.8 per cent), followed closely by those aged 25 to 34 and 45 to 54, showing that Milton is attracting both young professionals and families. Interestingly, 40.7 per cent of searches were conducted by individuals looking to rent a home, while 20.5 per cent were repeat buyers, and 16.5 per cent were investors seeking opportunities in the area.

 

Despite Milton’s affordability compared to Toronto, Buckingham acknowledges challenges for landlords.

 

“Ontario’s Residential Tenancies Act has made it difficult for landlords to manage their properties effectively,” he said. “Landlords can’t take damage deposits, and evicting non-paying tenants during the winter months is nearly impossible.”

 

He emphasized the importance of financial planning for renters.

 

“Renting makes sense if you’re starting your career or unsure about job stability, but the key is to rent below your budget and save aggressively for a down payment,” Buckingham said.

 

Despite these challenges, he remains optimistic. “Milton offers a strong sense of community, with numerous events and local groups that bring people together. Investors can benefit in the long term if they take a strategic approach.”

 

Overall, Milton’s mix of affordability and lifestyle perks continues to draw interest from families, young professionals, and investors. Whether in rentals or home sales, Milton reflects a balance between supply and demand, offering affordability and convenience within the GTA.