Tenants group demands action as high rents persist despite rising vacancies [Video]

Vacancy rates in Waterloo Region are growing, but low-income earners may still have trouble finding a place to live.

According to the Fall 2024 Rental Market Report from the Canadian Mortgage and Housing Corporation (CMHC,) the vacancy rate in Kitchener-Cambridge-Waterloo has reached its highest level since 1993.

The report said the vacancy rate in the purpose-built rental market has hit 3.6 per cent.

It was also noted that the average annual rent increase for a two-bedroom unit has slowed down to 4.2 per cent, settling at $1,766. The report cites strong rental expansion in Kitchener Central, Waterloo and Cambridge as one of the reasons for slower rental increases.

However, they said lower-income renters are still facing challenges with the rent for newer two-bedroom units averaging $2,356. The report lists the vacancy rate for affordable units at below one per cent for low-income earners.

An affordable unit is defined as housing that costs 30 …