Hamilton’s rental rates way up from last year: report
Published February 21, 2020 at 7:55 pm
Hamilton’s rents have risen a whopping 28.8 per cent since January 2019, a new report has found.
Hamilton’s rents have risen a whopping 28.8 per cent since January 2019, a new report has found.
While Hamilton is No. 14 among 30 municipalities across Canada for average rent costs, it’s seen one of the biggest jumps in prices over the last year.
The municipalities that have seen the biggest increases are Montreal (38 per cent) and London (36 per cent).
On an annual basis, the report finds that the average rents nationally for all property types are up just 1.3 per cent.
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Since January 2019, the average monthly rent for a one-bedroom and a two-bedroom home in Hamilton have risen 28.8 per cent and 21.9 per cent respectively, according to listings data on Rentals.ca.
Month over month, however, Hamilton rental rates for one-bedroom units have seen a very slight dip of 0.09 per cent from January to February 2020. For two-bedroom units, prices climbed by 4.1 per cent from last month.
The current average price for a one-bedroom in Hamilton is $1,492, The average rent for a two-bedroom is $1,722.
The Greater Toronto Area continues to lead the nation in high rents with nine of its municipalities in the top 10 for most expensive rents in January.
Average rental rates in Ontario continue to outpace the other major provinces in Canada, with an average rent of $2,290 per month in January 2020, a six per cent increase year over year.
Rentals.ca partner Local Logic provided insights for renters lifestyle interests and found many millennial families want more than anything to live near a quality school.
“As more families continue to rent as opposed to buying, we see renters for larger homes are willing to sacrifice their ability to take transit or walk to get their groceries in favour of being near a quality school,” said Vincent-Charles Hodder, CEO of Local Logic.
“We expect the rental markets to perform strong in areas close to schools in 2020.”
