Bianca Marijan City Brokerage Hamilton ON top real estate, best real estate, free home evaluation, free home value, free house value, value of my home, property value, sell house, sell home, for rent

11 May Soaring Rents in Hamilton

Hamilton Rent Prices On The Rise

Hamiltonians renting are fondly remembering rent prices of a couple of years ago. The vacancy rate remains very low, hovering around 2% mark but renting a two bedroom will cost you over eleven hundred dollars in Hamilton, a one bedroom just under one thousand.

What is driving the increase in rentals?

Is it a supply and demand question or something else?

1: The dizzying rise in Real Estate prices in the GTA has brought roughly 30% economic migrants, aka “out of town buyers”, some here to live and some here to invest.

And renovate.

The math from the investors perspective is simple. Offer a nice, well-appointed unit and you will a: make more $, and b: attract a better tenant.

2: Hamilton Zoning By-laws. The requirements for the conversion of a single-family home to a multi-unit dwelling are unreasonable and impossible to satisfy.

Starting from 1.5 parking spots per unit in a society trying to bid farewell to cars, to unreasonable square footage requirements for a basement unit of approx. 595 square feet, the current zoning bylaws do nothing to help create solid, legal dwelling units in Hamilton.

 

Take a look at these two graphs to see the variations in rent prices in different Canadian cities:

Bianca Marijan
bianca@citybrokerage.ca


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