Hamilton’s housing market continues to show little relief for renters.
A recently published rental report for June 2023 by Rentals.ca shows Hamilton sitting in 19th place on the National Rent Rankings List, with the average rent for a one-bedroom residence in the city now sitting at $1,877 per month.
This represents a 15.7 per cent year-over-year increase in the average one-bedroom rental rate as Hamilton continues to be one of the most expensive midsize markets in the Greater Golden Horseshoe area.
Two-bedroom residences are averaging at $2,310 per month in Hamilton, which is an 11.6 per cent year-over-year increase compared to this time in 2022.
“While rent increases have begun to moderate, further upward pressure on rents is expected in the coming months as the population continues to expand at a record pace and homeownership affordability worsens following the recent upward momentum in housing prices and additional increase in interest rates,” reads the Rentals.ca report.
Read the full report here.