Vacancies are higher than in FSJ due to lower demand and more new product on the market. I've had the equivalent of one unit vacant for 9 months of 2013.....1 yr old units, appropriately priced - in fact, had to reduce prices by approx 10% to fill them. One is still vacant.
Vacancy rate does impact your cashflow, so you need to worry about both of them together. They can't be considered separately. I would proceed cautiously. With all due respect to those selling new housing up there, I think the market rents being projected are optimistic.
Susan