Average monthly rent in Hamilton jumped to $2,097 in July: report
Published August 15, 2022 at 9:15 am
The average monthly rent in Hamilton jumped 26 per cent to $2,097 in July compared to the same month last year, when it was $1,664.
According to Rentals.ca and Bullpen Research & Consulting in their latest National Rent Report, Hamilton finished 16th on the list of 35 cities for average monthly rent in July for a one-bedroom at $1,694 and 20th for average monthly rent for a two-bedroom at $2,024.
Year over year, the average monthly rent in July for a one-bedroom in Hamilton was up 15.9 per cent and up 14.9 per cent for a two-bedroom.
Workers returning to the office are boosting rents in the most expensive central markets in Canada, according to the report.
This may be due to rising interest rates hitting potential homebuyers with a double whammy of higher mortgage rates and the worry of future price declines devaluing their investment. Higher interest rates also keep would-be home sellers from listing their properties, which ultimately leads to higher demand in the rental market.
Immigration remains elevated, and the unemployment rate nationwide remains near historic lows, so despite some recession fears, rental market demand remains strong, according to the report.
The average rent for all Canadian property types listed on Rentals.ca was $1,934 in July, an increase of 10.4 per cent year over year.
The July average rent in Canada is now only $20 below the pre-pandemic peak of $1,954 in September 2019. Month over month, average rents rose 2.6 per cent over June.
Toronto finished fourth on the list of 35 cities for average monthly rent in July for a one-bedroom at $2,257 and second for average monthly rent for a two-bedroom at $3,259.
Ontario had the second highest average rent in July at $2,332 per month, an increase of 15.2 per cent annually.
On a list of 18 cities, Victoria average rents had the highest year-over-year increase of 27 per cent for all property types in July at $2,667 over $2,093 in July 2021 – and the July 2021 number rose 15 per cent over the previous year.
Only Winnipeg’s average rents declined year over year in July for all property types by one per cent to $1,377, but they were up 13 per cent year over year in July 2021 to $1,385 per month in July 2021.insauga's Editorial Standards and Policies advertising