Here is an article by the Wellesley Institute that the rental vacancy rates are going DOWN due to the economic climate. Although the survey is for Toronto, the principle should apply anywhere.
QUOTE (dharam @ Dec 29 2008, 03:35 PM) Here is an article by the Wellesley Institute that the rental vacancy rates are going DOWN due to the economic climate. Although the survey is for Toronto, the principle should apply anywhere.
don`t assume automatically that the principle will apply everywhere, some areas may see vacancy rates go up as people move away due to job losses in a local industry. Toronto seems to be some what better insulated from that because of the diversity of employment unlike areas that rely heavily on a single industry to support it`s labour market.
the other thing to take into consideration is that 30% of prebuild condos were purchased by speculators not intending on moving in, as those condos become completed and are not sold due to the current housing climate, they will come on the market as rentals, this should ease up the rental market in toronto a bit, not sure what the figures are on this # however or predictions as to how this will effect the vacancy rates over teh next couple of years.
