25 Feb Average 1 Bedroom Hamilton Rental is $1100/Month
It’s hard to believe another year has come and gone and we’re already in the tail end of the second month. Hamilton’s real estate market has landed in a balanced state after the uncertainty everyone was experiencing following the new mortgage rules.
The number of January residential property sales within the RAHB market area (Hamilton, Burlington, Niagara North and Haldimand) dropped 3.6 per cent compared to the same time last year but the average price rose 4.7 per cent.
RAHB CEO George O’Neill believes this is a promising start to the year.
“For sellers, the average price of a home has increased over 100 per cent since 2009. For buyers, sales activity has slowed, the number of new listings has increased, and we are sitting firmly in a balanced market,” says O’Neill.
The number of market sales is slowing down, lower-priced properties such as townhouses and apartments are in high demand.
For the rental market, the average rent is $1100 for a 1-bedroom apartment in Hamilton and the vacancy rate is 3.1 percent. Rising costs and lower vacancy rates means that landlords have a larger range of potential tenants to choose from.
Want to invest in Hamilton real estate?
|Type||Vacancy Rate||Average Rent|
|Three or more bedrooms||5.6%||$1,373|