The number of rental properties available in the city of Kingston is on the decline.
The city has reported its rental vacancy rate for 2021 is 1.4 per cent, down nearly two percent from 2020. It is the second-lowest vacancy rate in Ontario.
Rental housing vacancy rates are reported by the Canadian Mortgage and Housing Corporation on an annual basis.
The drop in available rentals comes as the city’s population grew more than 7 per cent from 2016 to 2021, bringing its total population to over 130,000.
“The pressure on our housing market is significant and increasing rents continue to be a challenge in our community,” Kingston Mayor, Bryan Paterson said. “In 2021, Council endorsed a variety of housing initiatives intended to support housing stability and affordability in our community.”
“In 2022, we will continue to support the development of new housing and explore strategies to create additional affordable housing supply. This is a top priority, and we know there is still a lot of work to do,” he added.
The average vacancy rate across Ontario is 3.4 per cent.
The city says the average cost of a one-bedroom apartment is $1,178, and the average renter paid 3.5 per cent more than they did in 2020.
“The City’s support for affordable housing is demonstrated by the numbers” CAO, Lanie Hurdle said. “Currently, there are approximately 250 new affordable housing units under development that have been allocated a total of approximately $40 million in capital funding assistance from the three levels of government.”
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