One-bedroom rents are down 4.8 per cent year-over-year from June 2023. Photo Credit: iStock.
The average one-bedroom rent in Hamilton was down 1.5 per cent month-over-month to $1,780 in June 2024, according to the latest Rentals.ca market update.
One-bedroom rents are also down 4.8 per cent year-over-year from June 2023.
Meanwhile, a two-bedroom unit in Hamilton costs an average of $2,130 which is down 1.6 per cent from the previous month and down a significant 7.3 per cent from last year.
For Canada-wide numbers, the report notes, “Asking rents for all residential property types in Canada increased 7.0 per cent from a year ago to an average of $2,185 in June, representing the slowest annual rate of growth in 13 months.”
Canada-wide rents experienced a 0.14 per cent month-over-month decrease.
Out of all Urbanation and Rentals.ca rental listings in Canada, the average for a zero-bedroom studio for June was $1,627, a one-bedroom was $1,918, and the two-bedroom average was $2,301.
Thus, the average one-bedroom and two-bedroom rents in the City of Hamilton are still below the Canada-wide average.
Regarding rankings, the City of Hamilton is the 19th most expensive city to rent a one-bedroom unit out of the 35 cities examined.
The report also notes that the Canada-wide average asking rent for all types decreased 0.8 per cent from May to $2,185, which is “the largest month-over-month decline since early 2021 during COVID-19 and reversing the typical seasonal trend of increasing rents at this time of year.”
Nevertheless, the report shows that the Canada-wide average asking rent for all types in June 2019, five years ago, was $1,796.
The report also notes that there were year-over-year increases in apartment rents in June in all provinces except for Ontario, where rents decreased.
In Ontario, average asking rents for purpose-built and condominium apartments fell 1.7 per cent between May and June and were down 1.3 per cent from 2023.
Apartment rents in Quebec were also down 1.0 per cent month-over-month but up 5.1 per cent annually.
Meanwhile, rent growth continued in Saskatchewan, which led all provinces with an annual rent growth of 22.1 per cent for apartments.
Apartment rents in Toronto actually hit a 22-month low of $2,715.
Topping the list as most expensive (of the 35 cities in the report) are: Vancouver, BC; Burnaby, BC; Toronto, ON; Mississauga, ON; North York, ON.
Most affordable (of the 35 cities in the report) are: St. John’s, NL; Saskatoon, SK; Fort McMurray, AB; Regina, SK; and Edmonton, AB.
OTHER LOCAL CITIES
Other Hamilton-area cities included in the analysis are Burlington, Brantford, St. Catharines, and Niagara Falls.
Burlington ranks as the 7th most expensive one-bedroom unit rent with an average of $2,196, St. Catharines is the 24th most expensive at $1,728, Brantford is the 25th most expensive at $1,727, and Niagara Falls is the 26th most expensive at $1,649.
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.
