One-bedroom apartments in Hamilton now cost more than $1,700 a month, new report shows

The median rent for a one-bedroom apartment in Hamilton jumped past $1,700 in October, a new report has found.

One-bedroom units in Steeltown now cost tenants an average of $1,749 a month, according to a national rent report from property listing service Rentals.ca.

While that's just a slight increase of 2.5 per cent from September, the average price represents a jump of 13.3 per cent from last October.

Two-bedroom flats in the city are now renting for an average of $2,146, marking a less than one per cent increase from September and a more dramatic surge of 15.6 per cent from last October.

Rent increases in Hamilton were above the average compared to those seen across the country. The average rent across Canada increased by 11.8 per cent year over year last month, reaching $1,976 across all property types, according to the report.

The city climbed back up to the 20th most expensive community to rent among the 35 cities included in the report.

Around the region

While Hamilton's rental rates continue to skyrocket year over year, some neighbouring communities remain more expensive for renters, according to the report.

In Burlington, the average price of a one-bedroom apartment is $2,174, while two-bedroom units cost $2,565.

In Guelph, one-bedroom apartments are going for an average of $2,085, while two-bedroom flats cost tenants around $2,290.

In Kitchener, the rent for a one-bedroom apartment costs around $1,917, while two-bedroom units cost around $2,368.

In London, the average price of a one-bedroom apartment is $1,818, while the average rent for a two-bedroom unit sits at $2,161.

Meanwhile, St. Catharines continues to be cheaper for renters, with the average price of a one-bedroom apartment at $1,652, while the average rent for a two-bedroom unit is around $2,015.

Rentals.ca's latest rent rankings, analyzed and written by residential real estate research firm Urbanation, are the average of all monthly listings from Rentals.ca and Rentfaster.ca. That includes listings for basement apartments, condos and single-detached homes.

Fallon Hewitt is a reporter at The Spectator. fhewitt@thespec.com