Heddle Real Estate - Royal LePage State Realty Brokerage

By Mike Heddle
Posted Monday, Aug 21, 2023 12:17 pm

Hamilton rents up from last year, but fall for second straight month

The average cost of rent for an apartment in Hamilton fell for a second straight month in July, but new tenants are nonetheless paying significantly more than they were at that time last year.

Two-bedroom units cost new renters an average of $2,271 a month in July — $27 less than June, according to a national rent report from property listing service Rentals.ca.

However, it’s also 12 per cent more than last July, when a two-bedroom unit was renting for $2,024 — a difference of $247.

The rent for a vacant one-bedroom unit was $1,855 last month — $15 less than June, but was up nine per cent over July 2022 when the same type of unit cost $1,694. That’s a $161 increase.

Hamilton’s rental rates continue to surpass the national averages for both unit types, according to the report.

Last month represented a record high for rent costs in Canada, with the average rent across the country hitting $2,078.

Hamilton was ranked as the 21st-most expensive place to rent a one-bedroom unit among the 35...[READ MORE]

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Heddle Real Estate is an award-winning real estate team serving Hamilton, Ancaster, Stoney Creek, and the greater Niagara region with trusted expertise and a client-first approach.