Hamilton Apartment Market

Hello and welcome to our city!

Hamilton, with a population of over 500,000 is one of Canada's major cities and is one of Ontario's most economically diverse. Our major economic sectors include: advanced manufacturing, agriculture/food processing, creative industries, clean-technology, life sciences and transportation/goods movement.

Hamilton was recently ranked in the top five of best places to invest in Canada by US based Site Selection Magazine and the top two of places to invest in Ontario over the next five years (2009-2015) by the Real Estate Investment Network. In 2009, FDI Magazine (a publication of the world-famous Financial Times) ranked Hamilton as the third top large city in North America for quality of life.

With an educated workforce, stunning natural amenities and a diverse, resilient economy, Hamilton is a prime choice for future economic opportunity.

Quite simply, it's time to invest in Hamilton.

* This information was taken from InvestInHamilton.ca

Hamilton has a total population of 504,559 people and a total of 31,107 apartments. These apartments are contained in approximately 1,479 buildings, of which roughly 993 buildings or 67% are less than 50 units in size. The city also contains approximately 222 apartment buildings between 50-199 units in size, which represents approximately 15% of the city’s apartment market. Note that the Hamilton rental apartment market contains a large proportion of older apartment buildings due largely to a much lower rate of new apartment construction in the last two decades than in most Ontario cities. Hamilton has 6.2 apartments per 100 people.

Vacancy Rates

Hamilton has an overall vacancy rate of 4.5%, up nearly one percent from the previous year. Average vacancy rates vary by apartment style. Bachelor apartments have the highest vacancy rate at 7.4% despite being only 5.5% of the overall rental market, which means demand is low for smaller apartments. Hamilton is dominated by 1 bedroom and 2 bedroom apartments which together make up approximately 90% of the rental market. Average rents range from $502 for bachelor apartments to $869 for 3+ bedroom apartments. These average rents are extremely low compared to markets such as Toronto, despite the relatively large size of the Hamilton rental apartment market.

For Investors

Hamilton is a challenging market for investors due to the age of its apartment buildings, low average rents, and high vacancies for certain apartment styles. It should be noted that Hamilton is a city divided in half by the Niagara Escarpment and most new development is occurring south of the escarpment. By contrast, Hamilton’s old downtown core, home to most of the city’s larger apartment buildings, has been stagnant for a long period although the city is showing signs of a gradual revival.

Economic Indicators for Hamilton

* This information was taken from InvestInHamilton.ca