March 29, 2016
Tenant Turnover Rate in Vancouver’s Housing Market
Housing Market Insight — Vancouver CMA
The Tenant Turnover Rate is a new measure of rental market conditions for landlords and renters of purpose-built rentals.
A pilot project was conducted in the fall of 2015 in the Vancouver Census Metropolitan Area (CMA) to track tenant turnover in purpose-built 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.
- According to the turnover rate pilot study, close to one-fifth of the purpose-built rental stock in the Vancouver CMA, or an estimated 20,553 suites, changed tenants between October 2014 and October 2015.
- While tenant turnover ranged from 8.2 per cent to 48.3 per cent, the majority of the rental zones had a turnover rate between 10 and 30 per cent.
- The turnover rate for purpose-built rental townhouses was lower than that for apartment units, at 11.4 per cent in the Vancouver CMA, compared to 19.2 per cent for apartments.
Read the full report — Housing Market Insight, Vancouver CMA