Their old, downtown low-rise apartment building in Hamilton was up for sale. Facing a possible rent increase, a few tenants had an idea — buying the building themselves.
Laurel Robinson, James Reynolds and Emily Power are among the group of tenants aiming to buy the Hamilton building where they live.
Average monthly rent in Hamilton for June 2023 was $1,877 for a single-bedroom apartment and $2,310 for a two-bedroom unit, according toIf the tenants are able to buy the Ward 2 building, it could offer a new solution for others trying to escape the rising cost of living. During that June 21 city council meeting, councillors contributed $84,000 through a forgivable loan toward the building's down payment.
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