The Canadian Mortgage and Housing Corporation has confirmed that many are trying to find a rental house in Kingston, which already knows that it is almost impossible to find a rental house in the city. According to CMHC, Kingston’s vacancy rate is the lowest in Ontario for the second year in a row and reached a record low of 0.6%.
CMHC says that after a significant tightening of rental conditions in 2017, the vacancy rate in the Kingston area dropped further to 0.6% from 0.7% a year ago, as the demand for rental housing continued to grow more than the supply. According to the CMHC report, the vacancy rate has decreased for the third year in a row, having reached its lowest level since 1989.
Kingston has a history of relatively harsh conditions in the rental market, CMHC says. Its 10-year average vacancy rate is 1.6%, compared with 2.4% in Ontario. For the second consecutive year, Kingston recorded the lowest vacancy rate among all 16 tracked megalopolises in Ontario. In fact, according to CMHC, the number of vacant units should increase almost threefold, depending on their number in 2018, in order to return the target cost of a vacant apartment of up to 10% per year by 1.6%.
CMHC also noted that as a result of the tightening of the market, the average rent for the last year increased by 2.7% in Kingston and averaged $ 1,181 per month. The apartments for bachelors had a vacancy of 1.2% and an average rent of $ 745, and in one bedroom there was a vacancy of 0.5% and rented an average of $ 1,008. Two bedrooms had a vacancy rate of 0.6% and an average rent of $ 1,200, while units with three or more bedrooms had only a vacancy rate of 0.1% and an average rent of $ 1,998 United States.
CMHC says that among all areas of the city, North Kingston (Raido Heights, Grenville / Hilldale, Kingscourt and Strathcona Park) registered the lowest vacancy rates. The vacancy rate in the area for the third year in a row dropped to a record low of 0.4% and was the lowest among all submarkets. In the past three years, only 17 units or 7% of the total number of new additives have occurred in this particular zone, the CMHC says.