The Solidify Method
Create a cylinder with
Select the hollow cylinder.
Now go to the Modifier Properties tab and click Add Modifier
Choose the Solidify modifier and adjust the Thickness parameter:
Make sure the Offset value is -1 or else the outer cylinder size will change
Go back to the modifier control panel again and move the mouse into the thickness field, and a double-arrow will appear. Drag to change the size of the hole dynamically.
If you need a square-shaped hole, it is better to use the boolean method. See this post