Wednesday, February 21, 2024

Average rent for 1-bedroom apartment over $1,700 in Hamilton

First Published:

If you’re in the market for a rental in the GTHA, you’ve probably noticed the high prices. While the average price for a one and two-bedroom apartment was down slightly in December from November, it’s still higher from the previous year.

According to a Rentals.ca property report the average cost for a one-bedroom rental in Hamilton is $1,764 a month.

Hamilton doesn’t come close to topping the list. In Toronto and Vancouver, the average one-bedrooms are close to $2,500 to $2,600 a month according to Rentals.ca.

READ MORE: Hamilton North End housing project stalled due to CN Rail appeal

The report shows rentals across Canada are up an average of 12 per cent year over year.

Skylar Dunford, an owner of a property rental company in Hamilton says in order to afford the average rent in Hamilton, a household of two people needs to make around $5,000 a month. Which is two jobs that pay $18 to $20 an hour.

“And that’s a job that you need a college diploma for or work a factory, these are good jobs, and all you can afford is a one-bedroom for $1,750 a month,” Dunford said.  He adds the high-interest rates along with demand are driving the prices up.

READ MORE: City discusses Hamilton’s encampment approach

The most affordable place to rent on the Rentals.ca report is Lloydminster, Alberta. Where the average rent is $800 per month for a one-bedroom.

In comparison to bigger cities like Toronto and Vancouver, Montreal is the more affordable option where the average one-bedroom is just over $1,500 per month.

READ MORE: Hamilton city council’s to discuss policy to limit short-term rentals

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