RENTAL VACANCY RATES
With 2022 in full swing, the rental market has seen many changes. With the increase of popularity in work-from-home arrangements, more and more people are seeking homes outside of Toronto. This has led to a very interesting trend of rising demand in the 905.
Pickering in particular is experiencing rapid growth, which has impacted both the buying and renting markets. As prices rise, buying within the area becomes unavailable to many people and the need for rental properties rises in turn.
In fact, in 2021, many Pickering rentals began to outprice Downtown properties due to high vacancy rates in Toronto, and high demand in Durham. For comparison, Q4 saw a vacancy rate of 3.1 Downtown, and 1.1 in the 905.
What this illustrates is this lack of rental supply within Durham to meet the growing demand to live outside Toronto, and with the continuing trends pointing towards remote working as a factor of the future, that demand is sure to keep rising.