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Rental market
The average rent for all two-bedroom units (including both occupied and vacant units) in Hamilton rose to $1,335 in October 2022, up 5% from $1,271 in October 2021. Rents for vacant (available to rent) two-bedroom units in Hamilton jumped 12% between June 2022 and June 2023 to an average cost of $2,298, and have increased over 40% from the pre-pandemic average of $1,639 in March 2020. Over the past decade, Hamilton rents for all units have risen 55% — more than double the 22% cost of living increase. Rents have increased in all areas of the city and across all unit types, with Ancaster, Dundas and the city core being the most expensive.
![](https://hamiltoncommunityfoundation.ca/vitalsigns-report/wp-content/uploads/2023/09/Chart-3-Rental-vacancy-1024x538.png)
Canada Mortgage and Housing Corporation considers a rental market “healthy” when it has a vacancy rate of 3%. In 2022, Hamilton’s vacancy rate decreased to 1.9% overall (3.5% for two-bedroom units), the lowest rate since 2002. CMHC cites decreased home-buying by renters and increased student housing rentals as the main reason for this tightening.
All sources referenced with hyperlinks. Additional information available at the CMHC Housing Market Information Portal.