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Guelph Vacancy Rates

If you are considering investing in the Guelph real estate market, you should know that when it comes to vacancy rates we have a proven track record.

In October of 2014 the Canadian Mortgage and Housing Commission released a report stating that Guelph’s vacancy rate of 1.2% was the lowest in all of Ontario!

Not only that, but over the past 4 years (2011 – 2014) our vacancy rate has not risen above 2.0%.

In fact, Guelph’s vacancy rates have been so impressively low over the last 4 years that it’s average of 1.4% has even beat out Toronto’s 4-year average of 1.6%. Yes, Guelph’s standing 4-year average for having the lowest vacancy rate literally beats out Toronto, the immigration capital of all of Ontario! Not too mention the most densely populated city in all of Ontario…… and the home of the Blue Jays!

Check out these bragging rights:

VACANCY_CHART

 

The reason Guelph’s vacancy rates have been so low over these past 4 years is surely due to the fact that the supply of new construction coming onto the market simply cannot keep up with the high demand to live in the city. Landlords are simply unable to facilitate an adequate supply of rental units on a large scale. Supply and demand has always been a fundamental aspect of any market and the Guelph rental market is no exception. Without an adequate supply of rental inventory, renters must scramble to find vacant units to rent before all the other renters in the market snag them up.

For an investor purchasing a rental property in Guelph, this means you are purchasing a product that is in high demand. It also means peace of mind when it comes time to rent since you can be fairly certain it will fill up fast, and for good money too.

I can speak first hand to the ease of renting in Guelph. In the ten years that I’ve been renting out to families and students, I think the longest it ever took me to rent out a unit was 3 weeks. It was a 1-bedroom basement apartment that normally rented within 3 or 4 days of the ads going up. The only problem was that I had the bathroom shower completely ripped out and the place literally looked like a construction zone! I figured most people couldn’t see past the work that was being done and it simply took me a little longer to find someone that was willing to trust that the bathroom renovations would be complete when it came time to move in. Other than that, most of the units are rented out in a week tops, with minimal effort and more people contacting me for showings than I care to bring through.

To be completely honest with you, finding quality tenants in Guelph has been such a breeze for me over these past few years that I’ve built up a rock-solid confidence in the Guelph rental market and I know I can pick and choose who I want to rent to and that I don’t have to jump at the first person with a heartbeat that shows any interest. I certainly didn’t have that confidence at the start but the rental market in Guelph has never let me down!

In summary, Guelph has continually shown us that it is at the top of its game and consistently smashes low-vacancy-rate home runs out of the park! I mean, seriously, who wouldn’t want to be a landlord in Guelph right now with this kind of rental market?

Until next time, Happy Investing!

Kyle

Source of data: http://settlement.org/ontario/housing/rent-a-home/basics/what-are-the-apartment-vacancy-rates-in-ontario/

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