Average rent up 10.6% in July in Hamilton as figure hits new high nationally
Published August 15, 2023 at 11:26 am
Hamilton has the twelfth priciest rent on average in the country out of 25 municipalities, a trend of rising rents that was reflected nationally when average rents in Canada reached a record high in July, according to a new report.
On average, an apartment in Hamilton saw its July rent rise 10.6 per cent, or $218.68, to $2,063 from the previous year, according to apartment rental search website rentals.ca and real estate research firm Urbanation Inc.
For a one-bedroom apartment, Hamilton had the 21st priciest rent at $1,855 among 30 municipalities.
Average asking rents in Canada shot up 21 per cent, or $354 per month, to $2,078 compared to two years ago in July 2021. This includes all rentals such as basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses and single-detached houses. The analysis found that rents rose 8.9 per cent annually, the fastest pace of growth in the past three months.
“Rents experienced further upward pressure last month as post-secondary students rushed to sign leases ahead of the fall term, the population grew by a record level, and homebuyers moved to the sidelines as the Bank of Canada raised interest rates to a 22-year high,” according to the report.
Nationally, average asking rents for purpose-built and condominium apartments surpassed $2,000 for the first time in July, reaching $2,008. Annual growth for purpose-built and condominium rents saw an 11.3-per-cent increase year over year. Month over month, asking rents were up two per cent.
Among 25 municipalities, Hamilton is the 19th fastest growing mid-sized rental market.
Here is the breakdown of average rents for rental room types in Hamilton:
- $2,063 (for all bedroom types); up 10.6 per cent year over year
- $1,427 (studio or bachelor apartments); up 11.1 per cent year over year
- $1,887 (one-bedroom); up 8.3 per cent year over year
- $2,294 (two-bedroom); up 13 per cent year over year
- $2,357 (three-bedroom); down 3.2 per cent year over year.
Nationally, one-bedroom apartments saw the biggest rent growth in July, with an annual increase of 13 per cent and a monthly increase of 2.5 per cent. One-bedroom rents averaged $1,850, compared to $2,191 for two-bedroom units, $2,413 for three-bedroom units and studios for $1,445.
The data was based on monthly listings from the Rentals.ca Network of Internet Listings Services, which differs from the numbers collected and published by the Canada Mortgage Housing Corporation.
Click here to read the full National Rent Rankings report.
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