Rents for available units in Hamilton last month were up by double-digit percentages year over year, but despite the bump, were still better than several Ontario cities in terms of affordability.
Rentals.ca, an agency that tracks rental listings across Canada, says the city saw increases of 18 and 15 per cent in one- and two-bedroom suites respectively when comparing last month with April 2022 data.
A one-bedroom suite in the city checked in at about $1,875 on average, while a two-bedroom was an estimated $2,262 per month.
That’s still cheaper than 11 other Ontario municipalities Rentals.ca tracks, particularly Toronto which saw a hefty 20 per cent annual increase in a one-bedroom to $2,526 per month. Two-bedroom units fared no better at $3,290, up 18 per cent a month.
Neighbouring Burlington has higher rents than the Hammer, but increases year over year were slower, particularly in one-bedroom suites which only went up 8.9 per cent to $2,171 per month.
Oshawa, Brantford, London, St. Catharines, Waterloo and Kingston were cheaper places to live than Hamilton for those needing only a single-bedroom unit.
Kingston was the most affordable with the average one-bedroom just over $1,653 a month.
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Ontario had the strongest annual rent growth of all the provinces in April, with average rents for purpose-built and condominium apartments up 16.7 per cent to $2,421.
Asking rents for 35 primary and secondary rental markets across Canada remained around the $2,000 mark for a one-bedroom and about $2,239 per month for a two-bedroom in April.
Urbanation, which provides nationwide data for Rentals.ca, suggests the annual rate of rent growth should remain elevated throughout the country due to record-high population growth and low homeownership affordability.
“Rents continued to face upward pressure across Canada during April, with the strongest growth felt in markets that see the highest levels of immigration,” Urbanation president Shaun Hildebrand explained.
“Tenants that signed leases during the pandemic may be facing rent increases of 20 per cent or more if they decide to move, causing reduced turnover that is exacerbating the low supply situation.”
Compared to the pandemic low in April 2021, rents have increased the most in Ontario, 29 per cent as of April 2022.
Zumper.com, which also analyzes hundreds of thousands of listings across the 23 largest cities in the country, put Hamilton in the top eight most expensive rental markets as of April.
The price of a one-bedroom was up 20 per cent on average, to about $1,800 a month, since this time last year.
Zumper estimates the national vacancy rate for rentals is less than two per cent as of the end of April.
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