Prices for one-bedroom apartments up over 12 per cent in Hamilton
Published October 24, 2023 at 4:40 pm
Tenants looking for a new apartment in Hamilton will find themselves paying a little less than last month, but quite a bit more than last year.
According to Rentals.ca and Urbanation’s latest National Rent Report, Hamilton came in 18th on the list of 35 cities for average monthly rental rates in September. Last month, the average price of a one-bedroom apartment hit $1,881 and a two-bedroom unit cost tenants an average of $2,279.
Year-over-year, the average monthly rent for a one-bedroom suite in the city climbed 12.6 per cent, while the cost of a two-bedroom apartment grew 7.3 per cent.
Rental prices fell a little between August and September, with rates for one-bedroom units falling 1.1 per cent and rates for two-bedroom apartments falling 0.7 per cent.
Hamilton isn’t alone when it comes to increasing rental rates.
According to the report, average asking rents in Canada hit new heights with a month-over-month increase of 1.5 per cent, bringing the average asking rent to $2,149–an annual increase of 11.1 per cent.
While most cities have witnessed increases, the report says there is some evidence that the annual rate of rent growth might be slowing. Much like Hamilton, Toronto–the third most expensive city for renters after Vancouver and Burnaby, B.C.–also saw a slight decrease in price between August and September.
“While rent inflation in Canada remained exceptionally strong in September, most major markets experienced a slower annual rate of rent growth compared to recent months,” said Shaun Hildebrand, president of Urbanation, in the report.
“This was particularly true in Toronto, where rents grew by their slowest pace in two years.”
The report says that, across the 35 Canadian cities, one-bedroom apartments grew the most in terms of asking rent, climbing 15.5 per cent annually to reach an average of $1,905. Rates for two-bedroom units increased 13.1 per cent to $2,268. Three-bedroom suites rose 11.4 per cent in price to reach an average of $2,514.
Even studio apartments saw a year-over-year uptick, with asking prices climbing 11.3 per cent to hit $1,511.
While Hamilton is expensive for tenants, it’s still more affordable than surrounding municipalities such as Oakville, Mississauga, Markham, Richmond Hill, Guelph, Burlington, Brampton, Barrie and others.
The report says that as prices climb, shared accommodations are becoming more popular. The volume of listings for shared accommodations increased by 27 per cent over the past three months compared to the previous year, with a 78 per cent increase in listings observed in Ontario.
Average asking rents for shared accommodations grew by 18 per cent year-over-year to $944 per month.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada.inthehammer's Editorial Standards and Policies advertising