TORONTO, ONTARIO--(Marketwired - Dec. 16, 2014) - The rental apartment vacancy rate1 in the Kingston Census Metropolitan Area (CMA) was 1.9 per cent in October 2014, down from 2.3 per cent in October 2013 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.
"The vacancy rate in Kingston came down this October as improved economic environment boosted rental demand. Employment among younger age groups saw positive growth year-to-date which supported household formation among these key rental groups. Strong rental demand was experienced particularly close to the core as more students and seniors choose to locate closer to this area. Worthy of note is that although the number of private apartment units in the universe increased compared to last year, the vacancy rate decreased, indicating the demand for rental units grew faster than supply," said Aris Gianneskis, CMHC's Market Analyst for Kingston
On the basis of a sample of structures common to both the 2013 and 2014 surveys2, the average two-bedroom apartment rent increased by 2.1 per cent in Kingston. One bedroom units in Kingston saw the largest increase at 3.3 per cent over last year.
The apartment vacancy rate changes within the Kingston CMA were lower this year compared to the last, with Zone 4 (Eastern and Outer Kingston) being the only area that saw an increase in vacancies. The rate in the areas of Zone 1 (Downtown) and Zone 2 (Portsmouth Village, Polson Park and Calvin Park) was relatively unchanged from the previous year. These areas, which are close to Queen`s University where there is a high concentration of students, continued to see strong demand. The areas of Zone 3 (Glenarden, Rideau Heights, Kingscourt and Strathcona Park) saw decreases in their vacancy rate.
Rental Market data is also available in English and French at the following link: CMA Rental Market Report
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and advice to Canadian governments, consumers and the housing industry.
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| 1 | The survey is based on privately-initiated rental apartment structures of three or more units. |
| 2 | 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. |
Additional data is available upon request.
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To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/984128E.pdf
Contact Information:
Aris Gianneskis, Market Analyst
416-250-3228
agiannes@cmhc.ca
Media Contact:
Beth Bailey, Consultant, Communications and Marketing
416-218-3355
bbailey@cmhc.ca