The average one-bedroom rent in Hamilton was $1,795 in January 2024, according to the latest Rentals.ca market update. That number is down 1.6 per cent from December 2023 and even down 3.9 per cent year over year from January 2023. Photo Credit: Homestead.
The average one-bedroom rent in Hamilton was $1,795 in January 2024, according to the latest Rentals.ca market update.
That number is down 1.6 per cent from December 2023 and even down 3.9 per cent year over year from January 2023.
A two-bedroom unit in Hamilton costs an average of $2,183 which is also down slightly from December and down 4.3 per cent from last year.
In terms of Canada-wide numbers, the report notes that “asking rents for all residential property types in Canada reached another record high in January 2024, increasing 10 per cent annually to an average of $2,196.”
Nationally, “Rents increased 0.8 per cent month-over-month, pushing the annual rate of rent growth to a four-month high,” it continues.
Out of the 35 Canadian cities examined in the report, the average for a one-bedroom is $1,946, while the two-bedroom average is $2,316.
Thus, average rents in the City of Hamilton are lower than the 35-city averages.
Regarding rankings, the City of Hamilton is now the 21st most expensive city to rent a one-bedroom unit.
Topping the list as most expensive are: (1) Vancouver, BC; (2) Burnaby BC; (3) Toronto, ON; (4) Mississauga, ON; (5) Vaughan, ON.
Most affordable are: (1) Saskatoon, SK; (2) Regina, SK; (3) Fort McMurray, AB; (4) Edmonton, AB; (5) Winnipeg, MB.
The report also notes that average asking rents for shared accommodations across four provinces in Canada increased 18.5 per cent annually to a record of $1,010.
Leading the pack, roommate asking rents were highest in Vancouver ($1,338) and Toronto ($1,311).
OTHER LOCAL CITIES
Other Hamilton-area cities included in the analysis are Burlington, St. Catharines, and Niagara Falls.
Burlington ranks as the eighth most expensive one-bedroom unit rent with an average of $2,204, Niagara Falls is the 26th most expensive at $1,634, and St. Catharines is the most affordable of the three as the 28th most expensive with an average of $1,595.
It should be noted that the analysis does not include cities like Brantford or Welland.
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.
