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.
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.
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.