The average one-bedroom and two-bedroom rents in the City of Hamilton are below the Canada-wide average. Photo Credit: iStock.
The average one-bedroom rent in Hamilton was down 0.9 per cent month-over-month to $1,840 in April 2024, according to the latest Rentals.ca market update.
One-bedroom rents are also down 1.9 per cent year over year from April 2023.
At the same time, a two-bedroom unit in Hamilton costs an average of $2,218 which is up 0.9 per cent from the previous month but down 1.9 per cent from last year.
For Canada-wide numbers, the report notes that “asking rents for all residential property types in Canada remained near a record high in April, averaging $2,188 per month.”
Canada-wide rents experienced a small 0.3 per cent month-over-month increase in April, but a 9.3 per cent year-over-year increase.
Out of all Urbanation and Rentals.ca rental listings in Canada, the average for a one-bedroom in April was $1,944, while the two-bedroom average was $2,338.
Thus the average one-bedroom and two-bedroom rents in the City of Hamilton are below the Canada-wide average.
Regarding rankings, the City of Hamilton is the 18th most expensive city to rent a one-bedroom unit out of the 35 cities examined.
The report notes that Saskatchewan became the provincial leader for rent growth, overtaking Alberta, even though average asking rents for apartments in Saskatchewan are still lowest in the country at $1,300.
Topping the list as most expensive (of the 35 cities in the report) are: (1) Vancouver, (2) Burnaby, (3) Toronto, (4) Etobicoke, and (5) Mississauga.
The most affordable (of the 35 cities in the report) are: (1) Saskatoon, (2) Regina, (3) Lethbridge, (4) Quebec City, and (5) Edmonton.
OTHER LOCAL CITIES
Other Hamilton-area cities included in the analysis are Burlington, Brantford, St. Catharines, and Niagara Falls.
Burlington ranks as the eighth most expensive one-bedroom unit rent with an average of $2,156, Brantford is the 20th most expensive at $1,791, St. Catharines is the 26th most expensive at $1,663, and Niagara Falls is the 28th most expensive at $1,554.
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.
