Toronto Vacancy Rate
Now is the time to rent- Here’s why.
51 sec read
The vacancy rate is a vital statistic in the rental market. It illustrates how strong the rental market is, and will tell you what percentage of units are sitting vacant in the market. The higher it is, the better it is for the end-user. However, it may not be as beneficial for the investor.
Currently, Toronto has a vacancy rate of 0.9%, a 0.2% increase in the last year's vacancy rate of 0.7%. The rise in rental vacancy in the city can be due to the number of people who could not renew their lease due to COVID-19. With the downtown core's job supply decreasing immensely and people working from home, many migrated away from the downtown core. Meanwhile, the vacancy rate in other regions, including York, is low, due to many people moving north due to the implications of COVID-19.
During this time, renters looking to live in Toronto will have the best opportunity to get an affordable lease.
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