Heddle Real Estate - Royal LePage State Realty Brokerage

By Nada Jensen
Posted Monday, Jul 04, 2022 12:43 pm

Skyrocketing rents in Hamilton causing some residents to 'to fall further and further behind'

While rising interest rates have cooled the Hamilton real estate market, the cost of rent in the city continued to ascend to new heights in May, a recent report has found.

Two-bedroom flats in Steeltown are now costing renters an average of $2,063 a month, nearly four per cent more than in April and 10 per cent more than in May 2021, according to a national rent report from property listing service Rentals.ca.

In April, the cost for a two-bedroom unit in the city increased by less than one per cent from March.

Bullpen Research & Consulting, the residential real estate advisory firm that crunches the numbers for Rentals.ca, attributed some of that swell to the state of “uncertainty” in the country’s housing market.

“Interest rate hikes dissuaded would-be buyers from leaving the rental market,” said Ben Myers, president of the real estate firm, in a press release. Myers described rent increases in the first four months of the year as...[READ MORE]

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