Fall 2024 Rental Market Report from the Canadian Mortgage and Housing Corporation<\/a> (CMHC,) the vacancy rate in Kitchener-Cambridge-Waterloo has reached its highest level since 1993.<\/p>\nThe report said the vacancy rate in the purpose-built rental market has hit 3.6 per cent.<\/p>\n
It was also noted that the average annual rent increase for a two-bedroom unit has slowed down to 4.2 per cent, settling at $1,766. The report cites strong rental expansion in Kitchener Central, Waterloo and Cambridge as one of the reasons for slower rental increases.<\/p>\n
However, they said lower-income renters are still facing challenges with the rent for newer two-bedroom units averaging $2,356. The report lists the vacancy rate for affordable units at below one per cent for low-income earners.<\/p>\n
An affordable unit is defined as housing that costs 30 per cent or less of a renter\u2019s income.<\/p>\n
Waterloo Region Acorn, a tenants right advocacy group, is calling on Kitchener and local municipalities to put in renoviction bylaws to help renters stay in their homes.<\/p>\n
\u201cThe best, most effective, cost effective, safest, most dignified way to preserve tenant rights and to preserve people’s homes is to keep them in their existing affordable homes,\u201d said Jacquie Wells, the interim chair of Waterloo Region Acorn.<\/p>\n
Wells says renters cannot afford to wait for the market to react.<\/p>\n
\u201cThe free market will not take care of this problem. We’ve seen this go on for years and years and every type of market intervention they’ve tried to do has not fixed the problem, has not fixed the affordability problem. It’s only gotten worse,\u201d said Wells.<\/p>\n
She says other cities like Toronto, Hamilton and London already have bylaws in place, and it\u2019s time for cities in the Waterloo Region to follow.<\/p>\n
\u201cIt’s making the landlord apply for a renovation license, it\u2019s making sure that they have professionals confirm that the tenant needs to be out of the unit in order for the renovations to be completed,\u201d added Wells.<\/p>\n
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