Vacancy rate for rentals in Hamilton is at its lowest point since 2002

A new report suggests renters may want to hold on to their apartments because finding a place to live is no easy task.

The new report from the Canada Mortgage and Housing Corporation says the vacancy rate for purpose-built rentals in Hamilton is 1.9%. That’s the lowest it’s been in more than 20 years.

According to the housing agency, low vacancies, higher prices, and surging demand all factored into making finding and paying for a rental tougher and more costly.

Rents have also grown faster than incomes in the Hamilton area, with most vacant units affordable to renters who are making at least $65,000 per year.

In Hamilton, there were only 65 units created in the past year, and that nearly matched the number removed due to conversion or demolition.

Also leading to increased demand, fewer renters are able to transition into home ownership because of higher mortgage costs and still relatively high prices.

The report showed a different trend in the St. Catharines and Niagara regions with rental supply increasing faster than demand. There, the vacancy rate jumped by nearly 1%, but the cost of rent is also higher, up nearly 6%, marking the largest growth in 30 years.