CMHC Housing Market Insight

March 29, 2016

 

Tenant Turnover Rate: A New Measure of Rental Market Conditions

To keep in-line with Canada Mortgage and Housing Corporation’s (CMHC’s) mandate to improve access to housing data, a pilot project was conducted in the fall of 2015 in the Vancouver Census Metropolitan Area (CMA) to track tenant turnover in purposebuilt rental units of apartments and townhomes. Information on tenant turnover, or the turnover rate, can benefit owners of rental properties by providing expectations of costs over the year. For renters, this information can give an idea of the expected number of rental units that will become available for rent. While the relationship between the turnover rate and economic variables is weak at the moment, over time with the collection of more data points, trends may be identified, which would give further insight into the rental market. There are a number of observations unique to tenant turnover in various centres of the Vancouver CMA, based on the initial set of data. 

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