Rent growth slows, vacancies stay low, supply struggles to catch up, Yardi reports
TORONTO, ON, October 23, 2024 – Yardi® Canada has released its latest multifamily report for Q3 2024, providing insights into Canada’s evolving apartment market. The report, based on anonymized data from 476,000 units across 5,400 properties, highlights slowing rent growth, persistently low vacancy rates and continued pressures from high housing demand.
Despite a modest economic recovery and a slight decrease in inflation, Canada’s apartment market remains tight. Policymakers face ongoing challenges in addressing the housing shortage, with new supply slow to meet growing demand.
Key findings from Q3 2024 Report:
- Trending markets emerge: New RentCafe.com data reveals Winnipeg as the top trending places for renters, followed by Saskatoon and Edmonton
- Rent growth slows: National in-place rent rose 6.2 precent year-over-year to $1,547, with growth decelerating
- Vacancy remains tight: Vacancy rate lifted to 3.2 percent, the highest since 2022, but turnover remains low
Peter Altobelli, vice president and general manager of Yardi Canada, noted: “The Canadian apartment market remains resilient, but the growing gap between housing demand and supply is shaping rental conditions. Although rent growth has cooled slightly, affordability remains a major issue for renters across the country.”
For a deeper analysis of the Q3 data, download the full report here.
About Yardi:
Celebrating 40 years of innovation, Yardi® develops industry-leading software for real estate companies worldwide. With over 9,500 employees, Yardi is dedicated to driving innovation and helping clients succeed in the real estate industry. For more information, visit yardi.com.