Rent for two-bedroom apartments in Hamilton is approaching $2,000 a month

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It would take a single Hamiltonian earning minimum wage nearly 20 days of work each month to pay the rent for a two-bedroom apartment.

The average price of a two-bedroom apartment in Steeltown rose slightly — less than 1% — to $1,985 in April from March, according to a report from the real estate listing service Rentals.ca.

However, this is a jump of seven per cent since the same period last year.

To give some context to these rates, The Spectator did some math.

According to our findings, a Hamiltonian working an average of 40 hours per week, earning an hourly wage of $15.50 per hour, would now need to work at least 19 days per month to pay the rent for a two-bedroom unit.

Our calculation

$2,480

$15.50 per hour x 40 hours per week x 4 weeks per month

$2,065

After estimated deductions

A minimum wage worker would have an estimated monthly after-tax income of about $2,065 for about four weeks of work. If they had a roommate, it would take them about 10 days to earn half the rent.

Even as the rent for a two-bedroom apartment approaches $2,000, Hamilton ranks 16th among the most expensive cities in Canada. The city lags behind Ottawa and Kitchener, where the same type of unit costs $2,009 and $2,037 per month, respectively.

Two bedroom apartment

19

Days to make an average rent

The average rent for a one-bedroom apartment in Hamilton rose to $1,557 in April, a jump of nearly 2% from March and more than 9% since April 2021.

To afford such a unit on his own, a Hamiltonian on minimum wage would have to work about 15 days to earn rent each month.

An apartment with one bedroom

15

Days to make an average rent

The city ranked 19th in the report among the 35 most expensive cities for one-bedroom accommodation. Vancouver and Toronto lead the single unit rankings, with each city costing renters north of $2,000 per month on average.

Rentals.ca’s latest rental rankings, published with residential real estate consultancy Bullpen Research and Consulting Inc., are the average of all monthly listings on the website.

They include basement apartments, rental apartments, condos, townhouses, semi-detached and detached homes.

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