Rents in Hamilton remain ‘well beyond the reach' of some tenants
Average rent for an apartment in Hamilton jumped slightly in April, but new tenants were still paying somewhat less than they would have for vacant units last spring.
One-bedroom units cost new renters an average of $1,831 in April — the
first monthly price increase of the year
, according to
a national rent report
from property listing service
Rentals.ca
.
The average rental price for a one-bedroom apartment had held steady at $1,720 per month for January, February and March.
The report noted the increase seen in April was 'consistent with typical seasonal trends,' as fewer tenants move over the winter.
While the average asking rent has jumped by $111 compared to March, new tenants are still looking at paying roughly $9 less than they would have in April 2024, when that same kind of unit would have rented for $1,840.
The average rent for a vacant two-bedroom unit in the city was $2,182 last month, $85 more than in March and $36 less than in March 2024, when the same type of unit cost $2,218.
While rents remain much higher than those offered before the pandemic, the growth of rental rates in Hamilton stabilized over the last several months, matching trends in other cities across Canada, according to the report.
Hamilton ranked 30th in rental costs among the 60 Canadian communities included in the report — a notable jump from 39th place in March. Rental rates in the city remain well below both the national and provincial averages, according to the report.
Tom Cooper, director of the Hamilton Roundtable for Poverty Reduction, said while rents in the city are not the highest in the region, they remain 'well beyond the reach' of those living on fixed incomes such as Ontario Works (OW) and Ontario Disability Support Program (ODSP).
'That's one of the reasons we've seen such an increase in homelessness in the city over the last few years,' Cooper said in an interview. 'People are being economically evicted simply because there aren't enough financial resources to pay market rents.'
But even with asking rents stabilizing, Cooper noted residents are facing other financial pressures, such as the rising cost of groceries and other essentials — a situation made even more volatile with the ongoing trade war waged by the United States.
'It's making for an impossible situation,' said Cooper. 'People are going to be spending more on other items, so there is less leftover for housing, which only adds to those pressures.'
During the past five years, the average rent for a one-bedroom apartment in Hamilton has at times surpassed $1,900 per month, while the rent for a two-bedroom unit has reached heights of more than $2,300 per month.
With rental rates having declined, Cooper said that could be a sign the local market has hit its ceiling on what tenants in the city are able and willing to pay — at least for now.
'Maybe we've reached that pinnacle for the time being,' said Cooper. 'But it doesn't mean those are sustainable situations, given the percentage of income people are paying toward housing.'
April represented the seventh month in a row that the average rent across the country has dropped on an annual basis, with asking rates down nearly three per cent from April 2024.
Meanwhile, national rental rates were up just slightly monthly, with growth of less than half a per cent from March, according to the report.
Despite the slowdown in rent growth, average asking rents across Canada have grown by 28 per cent since pandemic lows seen in April 2021, noted the report.
Four years ago, the average one-bedroom apartment in Hamilton rented for $1,405, while a two-bedroom unit went for $1,863 per month, according to
a past report
.
Some neighbouring communities continue to outpace Hamilton when it comes to rental rates, while nearby cities are more affordable, according to the report.
In Burlington, the average monthly rate of a one-bedroom apartment was $2,198 last month, while two-bedroom units cost $2,576.
In Guelph, the average price of a one-bedroom apartment was $2,057 last month, while the rent for two-bedroom units was $2,383.
Meanwhile, in London, a one-bedroom unit rented for an average of $1,751 and a two-bedroom apartment went for $2,155 per month.
And in Brantford, the average price of a one-bedroom apartment was $1,781 last month, while the rent for a two-bedroom unit was $2,006.
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
. They include basement apartments, condos and units in single-detached homes.
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