Rent for one-bedroom units ticking upward

Those apartments cost new Hamilton renters an average of $1,857 a month in March

While the average rent for a onebedroom apartment in Hamilton grew last month, tenants are paying slightly less than they were last year.

One-bedroom units cost new renters an average of $1,857 a month in March — $40 more than in February, according to a national rent report from property listing service Rentals.ca.

However, there are some savings when compared to last March, when the average one-bedroom unit was rented for $1,874 — a difference of $17.

The average rent for a vacant twobedroom unit was $2,189 last month, $12 less than in February and a decrease of $77 from last March, when the same kind of unit rented for an average of $2,266.

While the average rent for an apartment in Hamilton remains slightly cheaper than last spring, the average cost of housing in the city is still highly inflated compared to March 2020 — just as the pandemic hit.

Four years ago, the average onebedroom apartment in the city rented for $1,429, while the average two-bedroom unit rented for $1,667, according to a previous Rentals.ca report.

Hamilton ranked as the 17th most expensive place to rent a one-bedroom unit among the 35 Canadian communities included in the report — up from 21st in February.

Apartment rental rates in the city are also below both the provincial and national averages, according to the report. The average rent for an untenanted one-bedroom unit in Hamilton hit a peak of $1,901 last August, while the rent for a vacant two-bedroom unit hit its highest rate of $2,310 last May, according to Rentals.ca.

Four years ago, the average one-bedroom apartment in the city rented for $1,429, while the average two-bedroom unit rented for $1,667

Around the region

Some nearby communities continue to outpace Hamilton when it comes to the cost of housing, according to the report.

In Burlington, the average price of a one-bedroom apartment was $2,145 last month, while two-bedroom units cost $2,589.

In Waterloo, the average price of a one-bedroom was $2,036, while the rent for two-bedroom units was $2,429.

Meanwhile, in nearby London, a one-bedroom unit rented for an average of $1,783, and a two-bedroom apartment went for $2,140.

Rentals.ca’s latest rankings, analyzed and written by residential real estate research firm Urbanation, are the average of all monthly listings from Rentals.ca and Rentfaster.ca.