Hamilton is one of several Canadian cities that saw double-digit per cent increases year over year in rents for all property types in July.
Rentals.ca, an agency that tracks rental listings across Canada, says the city saw increases of 15.09 per cent and 14.9 per cent in one and two bedroom suites respectively when comparing July 2022 data with that of July 202.
It’s a significant change from the first quarter of 2022 when the city was experiencing upticks of around 5 per cent for one-bedroom suites and drops year over year in two-bedroom accommodations.
A double-digit per cent increase was also seen across Canada in the year over year average of all property types on the market, up last month by over 10 per cent.
Rentals.ca says the combined average rent for all listed property types in Canada moved to $1,934 per month, up 10.4 per cent annually, for July.
Despite the surge, the overall average rental rate across the nation is still around $20 per month cheaper than what was seen in 2019.
The chart shows the average rent and year-over-year change in average rent by month in 2022 organized by property type.
Only one of three property types Rentals.ca tracks, apartments, has seen year-over-year lower single-digit per cent increases month by month according to the data.
Bullpen Research president Ben Myers says a continued return to the office amid lightened COVID pandemic restrictions and interest rates hikes reducing affordability of home ownership are major contributors to the 10-per cent cumulative hike.
“When breaking out the data by property types domestically, condo apartments, townhouses and single-family homes have seen average rents climb by 14 per cent to 17 per cent annually, which is fueled by increased demand for higher-end properties by more affluent tenants who are holding off buying,” said Myers.
Nova Scotia continues to see tenant demand rise with data showing previous residents returning to the province once again and opting to work from home.
The maritime province has seen a 22-per cent year-over-year increase among all property types.
British Columbia and Ontario are seeing average rent hikes up between 15 to 16 per cent year over year.
For Hamilton, the analysts estimate renters will have to fork over almost $1,700 a month for a one-bedroom unit, with the Rentals.ca average at $2,024 for two-bedroom units.
Rent for a two-bedroom in Hamilton actually dropped, 1.5 per cent, month over month from $2,055 in June to $2,024 by July 31.
July rent for a single-bedroom suite was up just under six per cent to $1,694.
As of the end of July, Rentals.ca moved Hamilton to 16th from 20th on its list of 35 cities in terms of the highest one-bedroom average monthly rent.
Toronto slipped from two to number four on the list with a one-bedroom averaging $2,257 a month and two-bedroom units costing $3,259.
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