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Rental Vacancy Rate Reaches 3%




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Posted04/Aug/2008 15:10:00

Several sources indicate that the city's vacancy rate went up after July, traditionally the most popular moving time. Daniel Gill, a professor of urbanism at Université de Montréal now puts it at 3%...

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3% is considered a healthy rate with the rental market more or less at a point of equilibrium. However, Dr Gill notes that if the vacancy rate continues its movement upwards and reaches 5% (a realistic prospect within four years, in his opinion), landlords will be forced to lower prices or offer incentives such as free rent months.

The organization of landlords (la Corporation des Propriétaires immobiliers du Quebec, CORPIQ) is worried about the prospects. According to its spokesperson, Hans Brouillette, it's time to stop building social housing because it only increases the inventory. CORPIQ members would have preferred a program that would simply help families who can't afford market-rate apartments. Little surprise that members of the Front d'action populaire en réaménagement urbain (FRAPRU) are of the opposite opinion. Its representative, Marie-Josée Corriveau thinks the landlords whose apartments stand empty are simply asking too much.




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