Rental market: vacancy rate stable in Montreal

The Canada Mortgage and Housing Corporation (CMHC) announced on Monday the results of the Rental Market survey. During the period from October 2015 to October 2016, supply and demand rose by similar proportions, allowing the vacancy rate to remain stable at 3.9%

rental market Highlights:

  • The increased net migration has largely sustained the rental demand.
  • The rental stock increased by 2,500 units since the last survey.
  • Downtown Montréal continues to have the largest amount of  condominiums rentals (25 % of the stock) in the Montréal CMA, and  Laval following close, with one in five condos offered for rent.
  • Downtown Montréal had the highest turnover rate (27%), due to a large share of high-mobility tenants, such as students and temporary workers.
  • In the condominium market, the average rent for two-bedroom apartments was $1,160 , compared to just $791 on the conventional rental market.

The high demand may come from young adult households who want to live in newer apartments, closer to their workplace. And that the other portion of the demand “could come from older households looking to modern units in buildings offering various services” [ Source: CMHC Rental report 2016 ]