Kingston Apartment Vacancy Rate Stable

KINGSTON, ONTARIO--(Marketwire - Dec. 13, 2011) - According to Canada Mortgage and Housing Corporation's (CMHC) Fall 2011 Rental Market Survey for the Kingston Census Metropolitan Area (CMA), the average vacancy rate remains relatively flat, compared to results from the previous year.

Nevertheless, this year's strong rental demand was offset by a high influx of rental units into the market - keeping the average vacancy rate steady. As a proxy for supply, Kingston's apartment universe increased by 2.2 per cent from last year. Meanwhile, apartment availability rates for two-bedroom units increased to 2.3 per cent from 1.8 per cent in 2010. Fixed-sample⁽¹⁾ average rent for two bedroom apartments in existing structures in Kingston was up 1.6 per cent from last year.

"Less ownership demand meant fewer potential first-time buyers likely vacated their rental suites. Consequently, with fewer renter households transitioning from renting to owning a home, vacancy rates were stable in 2011," said Abdul Kargbo, CMHC's Kingston Market Analyst.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of 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.

⁽¹⁾ Fixed-sample refers to sample common to both the October 2010 and October 2011 surveys.