Bidding wars, housing market pushes average Hamilton rent near $2,000: report
Published June 15, 2022 at 8:40 am
Rental bidding wars, uncertainty in the ownership housing market, supply-chain delays, and labour stoppages continue to pressure the Hamilton rental market upward.
According to a report from Rentals.ca, Hamilton’s average rent for all property types from January to May was $1,933.
Average rents for the first five months of the year broken down by property type are: single-family, $2,715; townhouse, $2,662; condo rental, $2,076; apartment, $1,743 and basement apartment, $1,787.
Year over year, the average monthly rent in May for a one-bedroom in Hamilton was up 11.1 per cent and up 10 per cent for a two-bedroom. Month over month, average rent in Hamilton was up 3 per cent for a one-bedroom and up 3.9 per cent for a two-bedroom.
Hamilton finished 20th on the list of 35 cities for average monthly rent in May for a one-bedroom home at $1,603 and 17th for average monthly rent for a two-bedroom at $2,063.
“After relatively flat rents on average in Canada during the first four months of the year, rents rose sharply in May, as interest rate hikes dissuaded would-be buyers from leaving the rental market,” said Ben Myers, president of Bullpen Research & Consulting. “The typical seasonal increase in demand in the spring, coupled with renewed interest in more expensive downtown properties in Vancouver and Toronto also contributed to the rise in rents nationally.”
The average rent for all Canadian property types listed on Rentals.ca increased 3.7 per cent from April to May, the largest monthly increase since May 2019.
The average rent for all Canadian rentals rose 10.5 per cent year over year in May.
Demand for larger units has not dissipated after the height of the pandemic. Average monthly rent for single-family homes continues to rise, moving from $2,609 in May 2021 to $2,881 this May, a rise of 10 per cent annually, and slightly above the market peak in 2019.
According to the report, anecdotal evidence shows bidding wars, and tenants renting homes sight unseen.insauga's Editorial Standards and Policies advertising