The average rent for a two-bedroom apartment in Hamilton surpassed $2,300 in May, a new report has found.
Two-bedroom flats in Steeltown are now costing new tenants an average of $2,310 per month, according to a national rent report from property listing service Rentals.ca.
That number represents a 2.1 per cent increase from April and an 11.6 per cent jump — or $247 more expensive — from last May.
One-bedroom units are now renting for an average of $1,877 a month, which is an increase of less than one per cent from April.
However, it’s a more dramatic jump of nearly 16 per cent from the same time last year, when a one-bedroom apartment typically rented for $1,603 — representing an increase of $274 in just a year’s time.
The report noted that while rent increases have started to ease, rates are set to feel “further upward pressure” as the population increases and affordability in the housing market erodes with rising prices and the latest rate hike from the Bank of Canada.
Hamilton’s rental rates continue to be much higher than the national averages for both unit types, according to the report.
And the city has been ranked as the 19th-most expensive place to rent a one-bedroom unit among the 35 Canadian communities included in the report.
A look around the region
Even as Hamilton’s rental rates continue to climb year over year, some nearby communities are still far more expensive when it comes to renting, according to the report.
In Burlington, the average price of a one-bedroom apartment is $2,244, while two-bedroom units cost $2,514.
In Guelph, the average price for a one-bedroom flat is $2,095, with two-bedroom units renting for $2,454.
In Cambridge, the average price of a one-bedroom apartment is $1,953, while the rent for a two-bedroom unit sits at $2,350.
Meanwhile, St. Catharines continues to be cheaper for renters, with the average price of a one-bedroom apartment at $1,671, and $1,956 for a two-bedroom flat.
And in London, a one-bedroom unit rents for an average of $1,742 and two-bedroom apartments for $2,098.
Rentals.ca’s latest rankings, analyzed and written by residential real estate research firm Urbanation, are the average of all monthly listings from Rentals.ca and Rentfaster.ca. That includes basement apartments, condos and units in single-detached homes.
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