Hamilton cracks top 20 highest rent in new report
Published November 13, 2023 at 5:09 pm
A new rental report ranks Hamilton as having the 20th highest rent in the country.
Rentals.ca puts these reports out monthly to see track the changing rental market across Canada. This time they found rents had risen 1.4 per cent month-over-month nationally in October. While a small jump over September, this represents a larger increase from this time last year. Rents have increased 9.9 per cent compared to October 2022.
Nationwide, Rentals.ca found the average one-bedroom apartment was going for $1,889 in October, while the average two-bedroom pulled $2,329. Overall this represents an average increase of $175 over the last six months.
Though it still has some of the highest rents by province, Ontario is not behind the nationwide increase. “Rent inflation in Canada has become increasingly more concentrated within Alberta, Quebec, and Nova Scotia,” read the report, “These provinces have experienced a combination of strong population growth and large infusions of new rental supply priced at above-average market rents.”
“Ontario was the province with the slowest annual growth in apartment rents during October,” the report continues. However, despite this Ontario maintains the second-highest average rent ($2,492/month), behind only British Columbia ($2,639).
However, on a municipal basis, Ontario continues to dominate the Top 35 with 19 entries;
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