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Hamilton Rental Properties, a Good Investment?

September 28th, 2009 No comments

Vacancy rates have declined in the past year, proving good sustainability and growth in the Hamilton area.

 

Bachelor

1 Bedroom

2 bedroom

3 bedroom +

Total

 

April 08- April 09

April 08- April 09

April 08- April 09

April 08- April 09

April 08- April 09

Hamilton

8.3% – 7.1%

4.0% – 3.6%

5.1% – 3.4%

4.1% – 2.7%

4.7% – 3.6%

 

 

In 2009, the vacancy rate in Hamilton is expected to edge lower to 3.0%

Demand for rental accommodation typically comes from youth households and other households who are not planning to own a home or have not yet saved enough for a down payment. Thus, it is important to take a look at the employment market by specific age groups and types of employment. Given that there are a number of post-secondary institutions in Hamilton, it is reasonable to expect that some of these young students who rent would also hold a part time job to supplement their living expenses. This year, part-time jobs among youth aged 15 to 24 increased 2.4 per cent.

At the same time, the labour force for this age group remained relatively unchanged from a year ago. This indicates that more youth are able to find a part time job and thus afford to be in the rental market.

Individuals usually at the First Time Home buyer stage are choosing instead to stay in the rental market until economic conditions improve.

If you were thinking about buying a rental property, now might be a good time to keep investigating the market trends.
If you are looking to finance a Rental Property contact Verico Designer Mortgages Inc. we are connected with a wide variety of lenders that can assist you in this matter.

Source: Canada Mortgage and Housing Corporation

http://www.cmhc-schl.gc.ca/en/hoficlincl/homain/stda/index.cfm

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