{"id":43,"date":"2023-09-14T00:59:20","date_gmt":"2023-09-14T00:59:20","guid":{"rendered":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/?page_id=43"},"modified":"2023-12-07T16:05:15","modified_gmt":"2023-12-07T16:05:15","slug":"rental-market","status":"publish","type":"page","link":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/rental-market\/","title":{"rendered":"Rental market"},"content":{"rendered":"\n<p>The <a href=\"https:\/\/housing-and-homelessness-dashboard-spatialsolutions.hub.arcgis.com\/\">average rent for all two-bedroom units<\/a> (including both occupied and vacant units) in Hamilton rose to $1,335 in October 2022, up 5% from $1,271 in October 2021. <a href=\"https:\/\/rentals.ca\/national-rent-report\">Rents for vacant<\/a> (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 <a href=\"https:\/\/www.cmhc-schl.gc.ca\/-\/media\/sites\/cmhc\/professional\/housing-markets-data-and-research\/market-reports\/rental-market-report\/rental-market-report-2022-en.ashx\">units have risen 55%<\/a> \u2014 more than double the 22% <a href=\"https:\/\/www.rateinflation.com\/inflation-rate\/canada-historical-inflation-rate\/\">cost of living increase<\/a>. 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.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-content\/uploads\/2023\/09\/Chart-3-Rental-vacancy.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"538\" src=\"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-content\/uploads\/2023\/09\/Chart-3-Rental-vacancy-1024x538.png\" alt=\"\" class=\"wp-image-79\" srcset=\"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-content\/uploads\/2023\/09\/Chart-3-Rental-vacancy-1024x538.png 1024w, https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-content\/uploads\/2023\/09\/Chart-3-Rental-vacancy-300x158.png 300w, https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-content\/uploads\/2023\/09\/Chart-3-Rental-vacancy-768x403.png 768w, https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-content\/uploads\/2023\/09\/Chart-3-Rental-vacancy.png 1325w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Canada Mortgage and Housing Corporation considers a rental market \u201chealthy\u201d when it has a vacancy rate of 3%. <a href=\"https:\/\/www.cmhc-schl.gc.ca\/-\/media\/sites\/cmhc\/professional\/housing-markets-data-and-research\/market-reports\/rental-market-report\/rental-market-report-2022-en.ashx\">In 2022, Hamilton\u2019s vacancy rate decreased<\/a> 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.<\/p>\n\n\n\n<p class=\"has-small-font-size\">All sources referenced with hyperlinks.\u00a0 Additional information available at the CMHC <a href=\"https:\/\/www03.cmhc-schl.gc.ca\/hmip-pimh\/#TableMapChart\/0610\/3\/Hamilton+CMA\/L2htaXAtcGltaC9lbi9UYWJsZU1hcENoYXJ0L1RhYmxlP1RhYmxlSWQ9MS4xLjEmR2VvZ3JhcGh5SWQ9MDYxMCZHZW9ncmFwaHlUeXBlSWQ9MyZCcmVha2Rvd25HZW9ncmFwaHlUeXBlSWQ9MCZEaXNwbGF5QXM9VGFibGUmR2VvZ3JhZ2h5TmFtZT1IYW1pbHRvbiUyMENNQSZZdGQ9RmFsc2U%3D\">Housing Market Information Portal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<a href=\"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/rental-market\/\">Continue reading <span class=\"sr-only\">&#8220;Rental market&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/pages\/43"}],"collection":[{"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/comments?post=43"}],"version-history":[{"count":4,"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/pages\/43\/revisions"}],"predecessor-version":[{"id":222,"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/pages\/43\/revisions\/222"}],"wp:attachment":[{"href":"https:\/\/hamiltoncommunityfoundation.ca\/vitalsigns-report\/wp-json\/wp\/v2\/media?parent=43"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}