Less than 3% of units in Montreal are available to rent

Jan 26 2023, 8:22 pm

Canada Mortgage and Housing Corporation (CMHC), the countryā€™s national housing agency, just released its rental market report for 2022.

While most rent reports provide insights intoĀ askingĀ rents, this report provides data onĀ actualĀ rent, making it extremely valuable to help understand whatā€™s going on in the rental market.

Nationally, thereā€™s been aĀ massive dipĀ in the vacancy rate, dropping from 3.1% to 1.9%.

rental

CMCH

According to CMHCā€™s observations, the national demand for rental housing is so high because of a few possible reasons, including increased immigration, studentsā€™ demand for rental units as they return to campus, and high homeownership costs.

Montreal rental market insights

Things are similar in Montreal, where the current rental vacancy rate sits at less than 3%.

Economist Francis Cortellino said in the report that ā€œstrong demand in the rental market
pushed the vacancy rate down. Rent increases were also significant, especially for renters who moved.ā€

CMCH

On the Island of Montreal, the vacancy rate decreased to 2.3% from 3.7%. CMCH says that the rapid transition to homeownership and a strong rebound in international migration contributed to this decline. Rental demand in the suburbs was also supported by that latter factor. The suburbs continued to have a vacancy rate around 1% despite the addition of thousands of new apartments.

CMCH

Based on the stats, the CMHC says demand is recovering in Montreal, and vacancy rates are low in the suburbs.

CMCH

Meanwhile, rental demand has grown due to both rising youth employment and strong price increases in the housing market since the start of the pandemic. According to census data, in most age groups, renters made up a larger percentage of Montreal households in 2021 than in 2016. Economists believe this trend is likely to continue.

You can read theĀ full reportĀ and learn more from CMHC.

With files from Daily Hive’s Sarah Anderson.

DH Montreal StaffDH Montreal Staff

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