Slower moving season could decelerate rents in Hamilton during colder months

A pair of rental tracking services are suggesting average annual rent increases on new listings may level off for Ontarians in the next few months as the province enters a slower-moving season.

Zumper.com is suggesting rent hikes could actually cool off a bit with the weather as the company’s national index has showed a slight slowdown in average increases across Canada.

“The best time to look for a rental is in the winter since most people don’t want to move,” Chen suggested.

“Even though there’s probably lower supply overall, there’s definitely less competition, and a lot of times property owners price down their units to fill vacancies for the holidays.”

Fellow listing service Rentals.ca says the annual rate of rent inflation across Canada did accelerate to a nine-month high in September, but not in the Toronto area.

“It may signal a broader impending moderation for rent inflation in the months ahead as the economy cools and renters face mounting affordability constraints,” the agency said.

“This was visible in the sharp rise in rental activity for shared units.”

Property owners offering up shared accommodations over the past three months in Ontario grew 78 per cent year over year, according to Rentals.ca