Vancouver Rental Vacancy Data

Hello to all, we wanted to start this blog off by hoping you all are staying safe and keeping healthy and wish you a happy new year! The Canada Mortgage and Housing Corp’s (CMHC)  annual rental report has just been released and it has confirmed some market realities that we knew to be true for some time. Across the board, rental apartment buildings have been sustaining higher levels of vacancy as more renters opt to take advantage of more competitive pricing and the new work from home realities which have become more cemented. We have noticed also, that there seems to be more promotional advertising from rental apartment buildings also. Promotions that have been of particular note have been offering free month/s rent as apart of signing new leases.

Strategies such as this have been the preferred method of effectively lowering/adjusting rents by the rental landlords but without taking a significantly lower monthly rent per se.

The main headline to note is:

Metro Vancouver rental vacancy rate highest in 21 years

While overall rental vacancies increased to 2.6 per cent, new Vancouver buildings saw vacancy rates soar to 8.7 per cent In 2020

We will update with more as 2021 unfolds and more data/trends begin to take shape.

As always, give us a shout if you have any questions and thanks for reading Vancouver Rental Vacancy Data.

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Vancouver Rental Vacancy Data.