Average Hamilton rent up 21% as Canada reaches record high rental prices: report
Published September 16, 2022 at 9:33 am
The average monthly price for a two-bedroom rental home in Hamilton increased by 21.5 per cent in August compared to the same time last year. Meanwhile, a one-bedroom in the city will cost you an additional 15.5 per cent on average compared to August 2021.
According to the latest report from Rentals.ca and Bullpen Research and Consulting, the latest interest rate hike from the Bank of Canada has potential buyers further dissuaded from buying, meaning even higher demand in a rental market already crowded from booming immigration, students returning to university, and workers moving back to city centres.
Nationally, Hamilton came in 17th on the list for average monthly rent in August for a one-bedroom at $1,696 and for average monthly rent for a two-bedroom at $2,167.
Average rents last month topped the pre-pandemic record high from the fall of 2019, with prospective tenants looking at properties that are $200 more expensive on average than a year earlier.
“With several economists calling for an extended ownership housing market correction, demand has shifted dramatically to the rental market, which is significantly undersupplied in many major Canadian municipalities,” said Ben Myers, president of Bullpen Research and Consulting.
Despite some negative economic data nationally, the $1,959 per month average rent in Canada is the highest tracked by Rentals.ca, topping the previous high of $1,954 in September 2019.
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Average rent increased more than 20 per cent year over year in August in five Canadian cities for condominium rentals and apartments: London, up 26.5 per cent to $1,979; Calgary, up 24.7 per cent to $1,751; Vancouver, up 24.4 per cent to $3,184; and Toronto, up 24.2 per cent to $2,694.
Burlington came in fourth on the list for average monthly rent in August for a one-bedroom at $2,133 and seventh for average monthly rent for a two-bedroom at $2,559.
Average rent in August for condo rentals and apartments in Mississauga was up 16.2 per cent to $2,348, and in Brampton, the average rent was up 13.4 per cent to $2,107.
Guelph finished sixth on the list of 35 cities for average monthly rent in August for a one-bedroom at $2,014 and 12th for a two-bedroom at $2,269.
Year over year, the average monthly rent in August for a one-bedroom in Guelph was up 16.6 per cent and up 11.5 per cent for a two-bedroom.
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