The cost of a rental unit in Hamilton has hit record highs this year.
According to the National Rent Report from Rentals.ca and Bullpen Research & Consulting, the average monthly rental rate for all property types in Hamilton hit $2,097 in July of 2022.
This marks a year-over-year increase of 26 per cent from July 2021, for which the average rent for all property types was $1,664.
The report also explains that July’s average rent for a one-bedroom residence in Hamilton was $1,694, and the average for a 2-bedroom was $2,024.
Year over year, average monthly rent for a one-bedroom in Hamilton was up 15.9 per cent, while the average for a 2-bedroom was up 14.9 per cent.
Hamilton’s average rent exceeds the average rent for all property types in Canada as a whole, which was $1,934 in July 2022. It also comes after average rent was down 13 per cent in Hamilton for July 2021.
Though it’s hard to tell how these trends will move in the months and years to come, it’s clear that the days where a one-bedroom apartment could be found in Hamilton for under a thousand dollars have become a thing of the past.
Hamilton currently sits at number 16 on the National Rent Report’s list of the highest average rent in Canada for August 2022.
Read the full report here.