RBC economist Rachel Battaglia said rental housing starts reached their highest levels in decades in 2022 and 2023, with more than 80,000 new units started each year.
"Most homebuilding activity is coming from new rental construction projects, which have nearly doubled from six years ago," said Battaglia."Meanwhile, the construction of single-family homes has dwindled to just three-quarters of the housing start activity seen in 2017." The supply shortage of rental housing is"massive," said Battaglia, with the rental vacancy rate falling to an all-time low of 1.5 per cent last year.
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