Hamilton is one of 10 Canadian cities to see rent increase in 2020
- Craig Clark
- 02 Sep 2020
The City of Hamilton is one of the few Canadian cities to see a continued increase in monthly rent over the last few months.
A one-bedroom apartment in the city has gone up by nearly a quarter in 2020 with rent soaring around $1,489 per month.
This is a 20 per cent increase of the rate from 2019 according to a recent report from property listing service Rentals.ca.
‘Rents have been exploding’: Hamilton one of just 10 Canadian cities to see rent prices jump this year https://t.co/mALpKGTH2a via @thespec
— FaithCommonGood (@FaithCommonGood) August 31, 2020
Hamilton has the fourth largest annual increase among the 32 cities featured in the report.
A single unit cost $578 per month in 2001 and has more than tripled since the start of the new millennium.
The demanding rental costs mixed with the financial hardship brought on by COVID-19 has left many Hamiltonians looking at the increase as a potential rental crisis.
People on Ontario Works earn about $700 a month, which is not even half of the average rent price in the city.
Hamilton ranked 17th in a list of the most expensive Canadian cities to live in. Toronto and Vancouver have monthly rent hovering above $2,000 per month.
Additionally, the high rent in Toronto has seen many people move further out into the GTA realizing that they can get more in Hamilton for the cost of their monthly rent in Toronto.
Comments 0
There are no comments
Add comment