Understanding the Hamilton Condo Rental Market

Investors seeking to capitalize on the Hamilton condo market must delve deep into rental trends for informed decision-making. Our recent analysis of over 60 leased condos in Hamilton offers valuable insights into market dynamics crucial for investment strategies.

Platinum Condos at 15 Queen St S exhibit a notable leasing speed, averaging 9 days faster than other projects. This underscores the importance of location, age of the building, and modern amenities in driving rental demand and potential investment returns.

Interestingly, studio units emerge as the quickest to rent compared to other unit types, indicating the need for affordable rental options. Surprisingly, 2-bedroom units outpace 1-bedrooms in leasing speed and command an average of $500 more per month. This suggests that if tenants are individuals without anyone else, they are simply looking for the smallest, most affordable option. If they are more than one person, they are opting into two bedrooms next. Larger one beds and 1+ dens seem to be less in demand.

Parking availability significantly influences leasing speed, with condos without parking leasing approximately 15 days quicker than those with parking. This indicates that convenience may outweigh the necessity of parking for tenants in some cases. Our general principle regarding parking is that the closer to the core, the less need for a parking space.

Additional amenities such as lockers also impact leasing speed, with condos offering lockers leasing approximately 20 days faster than those without. Tenants are willing to pay an extra $150 per month for this added convenience.

Smaller 1-bedroom units under 600 sq feet lease significantly faster than larger counterparts, reaffirming the appeal of smaller, more affordable living spaces among renters.

A 1-bedroom unit at Platinum Condos recently leased for $3.72/sqft, 20% lower than the average for 1-bedrooms. This anomaly could be attributed to nearby developments such as King William Residences or 1 Jarvis absorbing rental demand. This is something worth monitoring and paying attention to.

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