Less than 1% of units in Vancouver are available to rent
Canada Mortgage and Housing Corporation (CMHC), the country’s national housing agency, just released its rental market report for 2022.
While most rent reports provide insights into asking rents, this report provides data on actual rent, making it extremely valuable to help understand what’s going on in the rental market.
Nationally, there’s been a massive dip in the vacancy rate, dropping from 3.1% to 1.9%.
According to CMHC’s observations, the national demand for rental housing is so high because of a few possible reasons, including increased immigration, students’ demand for rental units as they return to campus, and high homeownership costs.
CMCH
Vancouver rental market insights
Senior Specialist Eric Bond said in the report that “strong demand for limited rental units means low vacancy rates, rising rents and growing inequality between long-term leaseholders and newcomers.”
CMHC
That inequality is massive as asking rents for vacant units are, on average, 43% higher than the rent paid in occupied units.
“This represents a strong disincentive to moving for existing tenants, resulting in lower turnover,” said CMHC.
The purpose-built rental apartment vacancy rate in Vancouver decreased from 1.2% in 2021 to 0.9% in 2022, according to the report, due partly to increased migration and the high price of real estate.
CMHC
“Entry-level home prices haven’t declined as fast as buying power, meaning many prospective homebuyers continue to rent,” said CMHC.
Interestingly, two areas that escaped this downward trend were the District of North Vancouver and the neighbourhood of Kerrisdale, where lots of new, high-priced apartments hit the market.
You can read the full report and learn more from CMHC.
With files from Daily Hive Staff.
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