Average two-bedroom Hamilton apartment now rents for $2,155

The rent for a two-bedroom apartment in Hamilton has jumped more than 18 per cent since last September, a new report has found.

Two-bedroom flats in Steeltown are now costing tenants an average of $2,155 a month, according to a national rent report from property listing service Rentals.ca.

That's an increase of about $333 or 18.3 per cent from last September's average of $1,822.

However, prospective tenants are paying just slightly less than they would have in August, with the rent for a two-bedroom unit sinking by half a per cent, representing a savings of just $12.

The rent for one-bedroom apartments in the city has also declined ever so slightly, with units costing an average of $1,683 a month, marking a 0.7 per cent dip from August - or an approximate savings of $13.

But those savings disappear when compared to year-over-year gains, which saw the price for an average one-bedroom unit grow by 8.4 per cent to $1,683 from $1,552 - marking an increase of $131.

Despite rental prices hovering near their record highs, Hamilton's ranking in terms of price continues to drop. The city finished 21st for the cost of one-bedroom units and 22nd for the cost of two-bedroom rentals.

Around the region

While Hamilton's rental rates continue to climb year-over-year, some neighbouring communities continue to outpace the city, according to the report.

In Burlington, the average price of a one-bedroom apartment is $2,165, while two-bedroom units cost $2,631.

In Guelph, one-bedroom apartments are going for an average of $2,052, while two-bedroom flats cost tenants around $2,268.

In Kitchener, the rent for a one-bedroom apartment costs around $1,888, while two-bedroom units cost around $2,308.

In London, the average price of a one-bedroom apartment is $1,810, while the average rent for a two-bedroom unit sits at $2,184.

Rentals.ca's latest rent rankings, published with residential real-estate advisory firm Bullpen Research and Consulting Inc., are the average of all monthly listings on the website - which includes basement apartments, condos and single-detached homes.

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