The Canada Mortgage and Housing Corporation (CMHC) has released its latest survey showing that Metro Vancouver’s vacancy rate for purpose-built rentals is now at 0.7 per cent for bachelor, one-bedroom and two-bedroom apartments, while the average rent is up 6.4 per cent to $1,223 as reported in The Georgia Straight . For units with three or more bedrooms, the vacancy rate was 1.4 per cent. These statistics apply for buildings designed and built to be rentals, not basement suites or condos rented out by owners. The stock of purpose-built rental units increased by 922 this year.
The lowest vacancy rate of 0 per cent was on the University Endowment Lands at UBC. The highest vacancy rate in Vancouver was one-bedrooms in Kerrisdale with 2.3 per cent. Average prices for one-bedroom apartments varied from $955 in Marpole to $1,441 in English Bay.
“Strong demand for rental accommodation in Vancouver outpaced…
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