The rate for purpose-built rentals in the region fell below one per cent last year, while the average asking rent for vacant units jumped 43 per cent year over year
Metro Vancouver’s purpose-built rental vacancy rate fell below one per cent in 2022 as rental demand outpaced supply, according to Canada Mortgage and Housing Corp.’s Market Rental Report.
“Strong demand for limited rental units means low vacancy rates, rising rents and growing inequality between long-term leaseholders and newcomers,” said Eric Bond, senior specialist with CMHC. Overall average rent, including both units that are occupied and units that are vacant, increased by 6.3 per cent compared to the previous year, according to Bond.
“When demand is exceeding supply, we have some adjustment that can take place when those units do turnover. And one consequence of this is that it provides a disincentive to moving and so we noted a lower turnover rate as well,” Bond said.
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