Cost to rent in Hamilton dropped in July compared to last year
The scarcity of affordable housing in Hamilton and across Canada has been called a crisis, but July offered a glimpse of optimism in the trajectory of the cost of renting a place to live in the city.
In Hamilton, the average rent for a two-bedroom home in July was down 19 per cent from the same month last year, and the cost to rent a one-bedroom home dropped 2.4 per cent in that same period.
The statistics are included in a National Rent Report prepared by Rentals.ca and Bullpen Research and Consulting. Apartments comprise the majority of the listings on Rentals.ca.
The numbers show Hamilton is not the only city to experience a year-over-year drop: the cost to rent in Mississauga was down by nine per cent for a one-bedroom, and 2.4 per cent for a two-bedroom home over the same period.
In contrast, Guelph's numbers in those categories rose 10 per cent and nine per cent, respectively.
The average monthly cost to rent a two-bedroom home in Hamilton is now $1,761, which ranks the city 20th most expensive out of 35 of Canada's largest municipalities.
This summer, meanwhile, average rents in Canada were up nearly two per cent from June to July, and have increased three straight months. The average rent in Canada rose to $1,752 in July.
The peak of the rental market was in September 2019, when the average rent in Canada spiked at $1,954.
The report suggests that demand has continued to increase for more spacious rental properties because more people are working from home, a trend accelerated by the COVID-19 pandemic.
Tom Cooper, director of the Hamilton Roundtable for Poverty Reduction, recently suggested that affordable housing will be a big issue in the Sept. 20 federal election, and called for massive investments" in that sector.
Prime Minister Justin Trudeau visited Hamilton July 20 to promote his government's efforts in housing, appearing at a media event at Indwell's Royal Oak Dairy affordable and supportive housing project, at East Avenue North and Robert Street.
McMaster University's Jim Dunn recently told the Spectator that more comprehensive and publicly funded research on housing is necessary to better understand the needs, and the crisis.
Jon Wells is a Hamilton-based reporter and feature writer for The Spectator. Reach him via email: jwells@thespec.com