Average Hamilton rent up again, still among more ‘affordable’ big cities
Published October 17, 2022 at 11:44 am
The average monthly rent in Hamilton saw a significant increase year-over-year in September, but it’s still one of the more affordable big cities in Canada for renters.
According to data released by Rentals.ca and Bullpen Research & Consulting in the latest National Rent Report.
Hamilton finished 21 on the list of 35 cities for average monthly rent in September for a one-bedroom at $1,683 and 22 for average monthly rent for a two-bedroom at $2,155.
Year over year, the average monthly rent last month for a one-bedroom in Hamilton was up 8.4 per cent and 18.3 per cent for a two-bedroom.
Hamilton’s average rent for condo rentals and apartments rose 14 per cent year over year to $1,951 in September.
According to the report, rental demand is cooling in Hamilton based on online pageviews per listings on Rentals.ca in the third quarter of July, August, and September. Hamilton ranked 19 on a list of 25 Canadian cities for demand.
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Nationally, the average rent surpassed $2,000 in September to $2,043 per month — up 21.9 per cent since the recent low of $1,676 per month in April of last year and increased 15.4 per cent year-over-year and 4.3 per cent monthly.
The average rent is now about $100 more than the pre-pandemic peak level from the fall of 2019.
Continued strong demand, plus the completion of several new purpose-built rental apartments with higher rents, contributed to the significant annual rent increase, according to the report.
The average rent increased in Toronto compared to September 2021, up 31.2 per cent to $2,855, for condominium rentals and apartments.
The average annual rent was up more than 20 per cent in six cities and areas in September for condo rentals and apartments: Vancouver rents rose 29.3 per cent to $3,225; Brampton rents increased 25.4 per cent to $2,374; Calgary rents were up 24.1 per cent to $1,770; York rents rose 23.9 per cent to $2,415; North York rents increased 22.4 per cent to $2,381, and Kitchener rents were up 21.3 per cent to $2,100.
Nine cities and areas had double-digit increases year-over-year in September for condo rentals and condominiums: Etobicoke, 19.7 per cent to $2,445; East York, 16.1 per cent to $2,070; Surrey, 16 per cent to $2,168; Ottawa, 15.4 per cent to $2,108; Hamilton, 14 per cent to $1,951; Mississauga, 14 per cent to $2,314; Halifax, 13.8 per cent to $2,052; Scarborough, 11.9 per cent to $2,081 and Saskatoon, 11 per cent to $1,107.
The four cities on the list of 26 with the lowest increases in average annual rent in September for condo rentals and apartments were: Gatineau, up 2.3 per cent; Fort McMurray, up 2.4 per cent; Winnipeg, up 3.5 per cent, and Montreal, up 3.7 per cent.
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