Apartment Vacancy Rate
Description
The Apartment Vacancy Rate shows the average percentage of residential rental units available in the City of Brandon.
Why This Matters
A high number of apartment vacancies indicates a large amount of unused residential space. The unused space will then begin to limits the amount of revenue that the industry can earn through property management.
“The rental vacancy rate is inextricably tied to the number of housing starts, the mortgage rate and population. If mortgage rates are low, demand for home ownership may rise, dampening demand for rentals, which occurred during the pandemic period. As inflation surged during 2022 and mortgage rates rose however, rental vacancy levels began to fall as homeownership became less affordable, which led to more individuals in Canada deciding to rent” (IBIS World, 2023).
Data Source
“Apartment Vacancy Rate – Economic Development Brandon.” Economicdevelopmentbrandon.com, economicdevelopmentbrandon.com/apartment-vacancy-rate. Accessed 19 Jan. 2023.
Reference
“IBISWorld – Industry Market Research, Reports, and Statistics.” Www.ibisworld.com, 12 Jan. 2023, www.ibisworld.com/ca/bed/rental-vacancy-rate/15065/#:~:text=The%20rental%20vacancy%20rate%20represents. Accessed 19 Jan. 2023.
Apartment Vacancy Rate in the Sustainable Development Goals
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3. Ensure healthy lives and promote well-being for all at all ages
Ensuring healthy lives and promoting the well-being for all at all ages is essential to sustainable development. Significant strides have been made in increasing life expectancy and reducing some of the common killers associated with child and maternal mortality. Major progress has been made on increasing access to clean water and sanitation, reducing malaria, tuberculosis, polio and the spread of HIV/AIDS. However, many more efforts are needed to fully eradicate a wide range of diseases and address many different persistent and emerging health issues.