Apartment Rental Demand Higher in London

LONDON, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2011 Rental Market Survey for the London Census Metropolitan Area (CMA), demand for rental apartments increased and the average vacancy rate moved lower to 3.8 per cent, compared to 5.0 per cent in the previous year. On the basis of a sample of structures common to both the 2010 and 2011 surveys, the average two-bedroom rent increased by 0.8 per cent in London.

"Less movement to homeownership and more young adults renting exerted downward pressure on the vacancy rate in October 2011. Increased enrolment at London's post-secondary institutions also contributed to the fall in the vacancy rate," noted Margot Stevenson, CMHC Senior Market Analyst for the London CMA.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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