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October sees slight decrease in average rent price in Hamilton

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October sees slight decrease in average rent price in Hamilton

A recent report shows that Hamilton is currently ranked 17 out of 35 Canadian cities for the average cost of rent for the month of October.

According to Rental.ca’s monthly report, the average rent for a one-bedroom unit in Hamilton is $1,485 and $2,239 for two-bedrooms.

This marks a slight 1.1 per cent year-over-year increase in rental prices in the city but a slight 1.4 per cent decrease from last month for a one-bedroom unit, according to the data.

Meanwhile, the average rent for all Canadian properties listed on Rentals.ca in September was $1,769 per month, down 9.5 per cent annually.

The report notes that the average rent has been nearly identical over the last four months between $1,769 and $1,771.

Interestingly enough, the report looked into the impact of the pandemic on the demand for rental units, by breaking down the “annual change in average rent for apartments by rounded unit size (rounded to the nearest hundred) for the pandemic period of April to September 2020 versus the same six months last year (units from 350 square feet (sqft) to 1,149 sqft only).”

It found that renters across the country seemed to be looking for more room to live.

“Rental apartments around 400 sqft have seen average rents decline by four per cent annually in Canada,” the report said, “while 1,100-square-foot rental apartments have seen average rents increase by 17 per cent, with a visible stepping up for the unit sizes in between.”

Toronto still leads the pack in terms of having the highest average rent in the country at $1,967 for a one-bedroom home. This is actually a steep 14.9 per cent decrease from this same time last year.

Alberta’s Lloydminster sits in 35th place with an enviable $737 average price for a one-bedroom unit, which is a 0.4 per cent increase from last year.

“The work-from-home phenomenon and pandemic continue to shift demand patterns as tenants look at different locations farther from their place of employment, cheaper properties, and units with more space,” the report concludes.

“With schools open and daycares re-opening, and the paring back of government assistance programs, more Canadians have the ability and motivation to return to work, and/or look for work. More employed Canadians and more hiring results in more demand for housing, and could send the rental trendline climbing upward again this winter.”

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