The Rentals.ca report notes that Canada-wide average asking rents for all types increased 0.8 per cent from June. Photo Credit: iStock.
The average one-bedroom rent in the City of Hamilton was up 2.3 per cent month-over-month to $1,822 in July 2024, according to the latest Rentals.ca market update.
However, one-bedroom rents in the city are still down 1.8 per cent year over year from July 2023.
Meanwhile, a two-bedroom unit in Hamilton costs an average of $2,135 which is up 0.3 per cent from the previous month but down 6.0 per cent from last year.
For Canada-wide numbers, the report notes, “Asking rents for all residential property types in Canada increased 5.9 per cent from a year ago to an average of $2,201 in July. This represents the slowest annual rate of growth over the previous 31 months.”
Out of all Urbanation and Rentals.ca rental listings in Canada, the average for a zero-bedroom studio for July was $1,625 (down from $1,627 in June 2024), a one-bedroom was $1,929 (up from $1,918), and a two-bedroom was $2,299 (down from $2,301).
Thus, both the average one-bedroom and two-bedroom rents in the City of Hamilton remain below the Canada-wide average.
Regarding rankings, the City of Hamilton remains the 19th most expensive city to rent a one-bedroom unit out of the 35 cities examined.
The report also notes that Canada-wide average asking rents for all types increased 0.8 per cent from June, which “represents a reversal of the previous month’s decline of 0.8 per cent.”
“As we approach the end of the summer season, this increase is a return to average market rents hovering just above $2,200.”
The report also notes that there were year-over-year rent increases for purpose-built and condominium apartments in all provinces except for Ontario and British Columbia.
Saskatchewan saw the fastest annual growth for apartments and condos at 22.2 per cent.
The average rent for apartment and condo listings in Hamilton were $1,457 for a zero-bedroom studio (up two per cent year over year), $1,842 for a one-bedroom (down two per cent), $2,136 for a two-bedroom (down seven per cent), and $2,697 for a three-bedroom (up 14 per cent).
Topping the list as most expensive (of the 35 cities in the report) are: (1) Vancouver, BC; (2) Burnaby, BC; (3) Toronto, ON; (4) Mississauga, ON; and (5) Burlington, ON.
Most affordable (of the 35 cities in the report) are: (1) Saskatoon, SK; (2) Fort McMurray, AB; (3) Regina, SK; (4) Edmonton, AB; and (5) Winnipeg, MB.
OTHER LOCAL CITIES
Hamilton-area cities included in the analysis are Burlington, Brantford, St. Catharines, and Niagara Falls.
Burlington ranks as the fifth most expensive one-bedroom unit rent with an average of $2,258, Brantford is the 22nd most expensive at $1,764, St. Catharines is the 26th most expensive at $1,713, and Niagara Falls is the 27th most expensive at $1,631.
REPORT DATA
The data used in the Rentals.ca analysis is based on monthly listings from the Rentals.ca Network of Internet Listings Services (ILS).
The rankings and report are written by real estate research firm Urbanation.
The data differs from the numbers collected and published by the Canada Mortgage Housing Corporation (CMHC).
The Rentals.ca Network of ILS’s data covers both the primary and secondary rental markets and includes basement apartments, rental apartments, condominium apartments, townhouses, semi-detached houses, and single-detached houses.
The report’s writers say that CMHC rental rates are reflective of what the average household spends on rental housing and not the current market rents for vacant units.
Based in Hamilton, he reaches hundreds of thousands of people monthly on Facebook, Instagram, TikTok, and Twitter. He has been published in The Hamilton Spectator, Stoney Creek News, and Bay Observer. He has also been a segment host with Cable 14 Hamilton. In 2017, he received the Chancellor Full Tuition Scholarship from the University of Ottawa (BA, 2022). He has also received the Governor General’s Academic Medal. He formerly worked in a non-partisan role on Parliament Hill in Ottawa.
