Rental Market report (2014 Fall)
Increased rental demand pushed the average vacancy rate down to one and 0.7 per cent for purpose-built rental apartments and rental condominium apartments, respectively; For units common to the 2013 and 2014 fall surveys, the estimated rent increase was 2.5 per cent for a two-bedroom apartment; Higher same-sample rent growth compared to the 2014 allowable rent increase for existing tenants suggests more new leases signed during the past year compared to the year prior.
Census Metropolitan Area (CMA) Rental Market Tight
The Vancouver Census Metropolitan Area (CMA) rental market tightened as growth in demand outstripped an increase in supply. Purpose-built rental apartment vacancy rates declined to 1.0 per cent in October 2014 from 1.7 per cent in October 2013 (Figure 2).1 Tighter purposebuilt rental apartment market conditions were rather uniformly observed across the various market segments with just a few exceptions (e.g. bachelor suites in White Rock, Langley City and Langley District Municipality, and one-bedroom units in Richmond, Mount Pleasant / Renfrew Heights, and North Vancouver District Municipality). Similarly, lower vacancy rates were also noted for the rental condominium apartments in the Vancouver CMA, which continued to have vacancy rates below those for purpose-built rental apartments.