Regarding rankings, the city of Hamilton is now the 17th most expensive city to rent a one-bedroom unit out of the 35 cities examined. Photo Credit: Pexels.
The average one-bedroom rent in Hamilton was up by 2.2 per cent from last month to $1,857 in March 2024, according to the latest Rentals.ca market update.
Although one-bedroom rents in the city are up slightly month over month, they are actually down 0.9 per cent year over year from March 2023.
Meanwhile, a two-bedroom unit in Hamilton costs an average of $2,189 which is down 0.1 per cent from last month and even down 3.0 per cent from last year.
In terms of Canada-wide numbers, the report notes that “asking rents for all residential property types in Canada averaged $2,181 in March, rising by 8.8 per cent from a year ago.”
However, Canada-wide rents experienced a 0.6 per cent month-over-month decrease in March.
In their analysis, the writers of the market update claim that “rent growth is gradually easing as renters shift out of expensive cities.”
Out of the 35 Canadian cities examined in the report, the average for a one-bedroom is $1,851, while the two-bedroom average is $2,279.
Thus the average one-bedroom rent in the city of Hamilton is above the 35-city average, while two-bedroom rents are generally slightly more affordable than the other cities listed.
Regarding rankings, the city of Hamilton is now the 17th most expensive city to rent a one-bedroom unit out of the 35 cities examined.
The report also notes that condominium apartment rents across the country declined 2.2 per cent between February and March and posted an annual increase of only 3.9 per cent “partly due to condominium completions rising to record high levels in Toronto.”
Topping the list as most expensive (of the 35 cities in the report) are: North Vancouver, Vancouver, Toronto, Oakville and Mississauga. The most affordable (of the 35 cities in the report) are: Saskatoon, Regina, Lethbridge, Quebec City and Edmonton.
In other market updates, average asking rents for shared accommodations (i.e. as someone’s roommate) remained about $1,000 for the fourth straight month.
Roommate asking rents were highest in Vancouver ($1,416) and Toronto ($1,273).
OTHER LOCAL CITIES
Other Hamilton-area cities included in the analysis are Burlington, St. Catharines, and Niagara Falls.
Burlington ranks as the ninth most expensive one-bedroom unit rent with an average of $2,145, St. Catharines is the 24th most expensive at $1,654, and Niagara Falls is the 25th most expensive at $1,614.
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.
