Average rent in Hamilton more than $1,900 per month: report
Published February 17, 2022 at 4:55 pm
The average monthly rent in Hamilton was $1,559 for a one-bedroom in January. That’s up 6.9 per cent compared to the previous year.
The report comes from Rentals.ca and indicates that while the average rent for a one-bedroom is up, the price of a two-bedroom dropped 9.8 per cent to $1,870 compared to January 2021.
Year over year, Hamilton’s average rent for all property types in January increased 3.9 per cent to $1,914.
Hamilton came in 13th on the list of 35 cities for a one-bedroom home and 20th for average monthly rent for a two-bedroom.
The average rent for all Canadian properties listed on Rentals.ca in January was $1,807 per month, up 4.4 per cent annually and 1 per cent monthly.
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“January rents increased monthly in Canada, following a decrease in December, which we believe was just the typical seasonal decline, as opposed to Omicron fears,” said Ben Myers, president of Bullpen Research & Consulting. “However, the pandemic trend of much higher demand for larger properties continues, with average rental rates for single-family properties up 20 per cent annually. The need for more space, a frothy resale market, future interest rate hikes, and the decoupling of workers from their place of employment remain key factors in the rise.”
Toronto finished second on the list for average monthly rent in January for a one-bedroom at $2,027 and for a two-bedroom at $2,769.
Year over year, average monthly rent in January for a one-bedroom in Toronto was up 11.5 per cent and up 14.6 per cent for a two-bedroom. Month over month, average rent in Toronto was up 0.7 per cent for a one-bedroom and up 2 per cent for a two-bedroom.
Toronto was the second most expensive city behind Vancouver for average monthly rents for all property types at $2,317 per month, experiencing an annual increase of 14.5 per cent.
British Columbia and Ontario had the highest average rent at $2,181 and $2,110 respectively. Newfoundland and Saskatchewan had the lowest average rental rates at $969 and $1,026 per month respectively.
Oakville finished third on the list of 35 cities and areas for average monthly rent in January for a one-bedroom home at $1,959 and fifth for average monthly rent for a two-bedroom at $2,388.
Year over year, the average monthly rent in January for a one-bedroom in Oakville was up 9.7 per cent and up 12 per cent for a two-bedroom.
Burlington finished fifth on the list for average monthly rent in January for a one-bedroom home at $1,851 and seventh for average monthly rent for a two-bedroom at $2,317.
Mississauga came in ninth on the list for average monthly rent in January for a one-bedroom home at $1,778 and for average monthly rent for a two-bedroom at $2,179.
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