Urbanation: GTHA purpose-built rental vacancy reaches 13.3% as completions hit a record

Vacancy across purpose-built rentals in the Greater Toronto and Hamilton Area, including buildings still in lease-up, rose to 13.3% in the third quarter from 12.1% a year earlier, according to Urbanation data reported by Better Dwelling. A record 2,704 units were completed in the quarter while occupied units grew by 1,911, though stabilized vacancy fell to 3.0% from 5.4%. Rents net of incentives were 1.5% lower than a year earlier, and 60% of projects offered incentives, down from 67% in the second quarter.