October 2013 Rental Market in London

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in the London Census Metropolitan Area (CMA) was 3.3 per cent in October 2013, down from 3.9 per cent in October 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"In-migration and employment levels of 15-24 year-olds, immigration, student demand, and slow income growth which delayed the decision to buy for some potential home purchasers were factors that supported stronger rental demand in the London CMA," said Alexander Bonnyman, CMHC's Senior Market Analyst for London.

On the basis of a sample of structures common to both the 2012 and 2013 surveys², the average two-bedroom rent increased by 1.6 per cent in London. The average rent for a two bedroom unit in the London CMA was $924 in 2013.

The apartment vacancy rate in most zones in London declined from the previous year. The average vacancy rate increased in the North zone. The vacancy rate in the City of London (zones 1-8) was 3.4 per cent in October 2013. This was down from 4.0 per cent in October 2012.

Rental Market data is also available in English and French at the following link: CMA Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Follow CMHC on Twitter @CMHC.ca

¹ The survey is based on privately-initiated rental apartment structures of three or more units.

² Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants.

Additional data is available upon request.

(Ce document existe également en français)

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/917285e.pdf