Hamilton Rents: May 2024 Update
The Rentals.ca Rent Report for May 2024, conducted by Urbanation & Rentals.ca Network Research Data, reveals some interesting insights about the rental market in Canada. Asking rents for all residential property types remained near record highs in April, averaging $2,188 per month. This represents a 9.3% increase annually, up from the 8.8% growth rate observed in March.
Hamilton's Rental Market
Hamilton holds the 18th spot in the index for asking rents for 1 and 2 bedroom apartments. Here are some key figures for our city:
1 Bedroom Apartments: The average asking rent is $1,840.
2 Bedroom Apartments: Average rent details are not provided but overall trends are noted.
Year-over-Year Change: Rents for both 1 and 2 bedroom apartments have decreased by 1.9%.
Comparative Insights
Vancouver, BC: Holds the top spot with a 1 bedroom apartment averaging $2,646.
Toronto, ON: Hamilton's neighbor, has an average asking rent of $2,459 for a 1 bedroom apartment.
Saskatoon, SK: Offers the most affordable rents, with 1 bedroom apartments at $1,215.
National Trends
National Average: The average asking rent for a 1 bedroom apartment across Canada is $1,944.
Three-Year Comparison: Rents have increased 32% since their COVID-19 low in April 2021, when the average was $1,662.
Monthly Trends: Rents edged up 0.3% month-over-month in April, the first increase since January 2024. However, there's been a slight 0.4% decline over the past three months, showing a moderation in rent growth after a sharp rise in spring and summer 2023.
Detailed Breakdown
Purpose-Built vs Condo Rentals:
Purpose-built rental apartments saw a 13.1% increase, averaging $2,124.
Condo rentals increased by 3.8%, averaging $2,331.
Studio Apartments:
Purpose-built studios experienced the fastest rent growth at 17.2%, averaging $1,575.
Condo studios saw a slight decrease of 0.6%, averaging $1,844.
Three-Bedroom Rentals:
Condo three-bedrooms rose 10.6% to an average of $2,959.
Regional Highlights
Ontario: Notably, it was the only province to record a decrease in asking rents both monthly (-0.3%) and annually (-0.7%), with an average of $2,404.
Saskatchewan: Now leads in annual rent growth at 18.4%, despite having the lowest average rents at $1,300.
British Columbia: Remains the most expensive province, with average rents at $2,507, up 1.6% from last year.
Alberta: Posted a significant 16.4% annual growth, reaching an average of $1,746.
City-Specific Data
Most Expensive Cities: North Vancouver tops the list with average rents at $3,190, despite a 7.7% annual decline. Richmond Hill follows at $2,921.
Fastest Rising Rents: Lloydminster leads with a 26.7% increase, yet maintains a low average rent of $1,122. Waterloo saw an 18.7% rise, with rents averaging $2,304.
This comprehensive analysis highlights the ongoing trends and shifts in the rental market, providing valuable insights for renters and property owners alike. For more detailed information and listings, visit the Rentals.ca Network.
