TORONTO, ONTARIO--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate(1) in the Hamilton Census Metropolitan Area (CMA) was 2.2 per cent in October 2014, down significantly from 3.4 per cent in October 2013. In the Brantford CMA, the rental apartment vacancy rate was relatively stable(2) at 2.4 per cent in October 2014, compared to 2.9 per cent in October 2013 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.
"Strong full-time employment among young adults and stable immigration meant more people moved into rental accommodation, while higher mortgage carrying costs relative to apartment rents meant fewer people moved out of rental into homes they had bought. Both trends added to rental demand and pulled Hamilton's purpose-built rental apartment vacancy rate downward. In Brantford, migration did not provide a greater contribution to rental demand in 2014. This helps explain why the average vacancy rate in 2014 was relatively unchanged from a year ago," said Abdul Kargbo, CMHC's Senior Market Analyst for Hamilton and Brantford CMAs.
On the basis of a sample of structures common to both the 2013 and 2014 surveys(3), the average two-bedroom apartment rent increased by 2.8 per cent in Hamilton and the average two-bedroom apartment rent increased by 1.8 per cent in Brantford.
The vacancy rates for all apartment types in the largest structures with two hundred and more units were the lowest in Hamilton. This trend highlights the popularity of high-rise buildings, as they generally have modern amenities which attract many renter households.
Rental Market data is also available in English and French at the following link:
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Additional data is available upon request.
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(1) The survey is based on privately-initiated rental apartment structures of three or more units.
(2) The change in the vacancy rate for the current year was not significantly different, on a statistical basis, from the previous year.
(3) Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2013 and October 2014 surveys provides a better indication of actual rent increases paid by tenants.
A table is available at the following address:
Contact Information:
Abdul Kargbo
416-250-3294
akargbo@cmhc.ca
Media Contact:
Beth Bailey
416-218-3355
bbailey@cmhc.ca