A year ago, a Forbes article stated that San Francisco topped their list of the worst cities for renters. But, per our friends at All Points Relocation Service in Canada, Vancouver’s rental vacancy rate has taken the cake at 0.6%, making is the lowest in the world.
CMHC has not released its figures, so Toronto’s rate is not currently known (last year’s published rate was 1.6%), but it is expected to be nearly as low.
Given these numbers, what can mobility teams do to help families relocating to locations like Vancouver and Toronto - where the low rates of vacancy will provide extremely limited amount of options?
1) Provide quality support to employees for home finding where being an expert in the market will give them an advantage.
2) Be prepared to make some exceptions for providing temporary living accommodations as it will likely take much longer than other markets for the employee/family to source and secure housing.
3) Prepare employees in advance of the situation and arm them with good information and advice related to being prepared to make a quick decision. Have them consider things that they are flexible on in their wish list and boil it down to a few must haves.
Additionally, help them consider additional neighborhoods outside just the most popular.
The impact on relocation The impact on relocation cannot be over-stressed. Assignees or transferees hoping to rent in Vancouver or Toronto are going to be extremely limited in what is available. Assignees must reduce the usual shopping list of likes and dislikes and instead focus on only what is crucial in a property. When it comes to Single Family Detached Homes, relocation companies need to prepare assignees and transferees for bidding wars as properties are going for rental rates that are over the advertised rate. In addition, assignees need to be prepared to make an offer right away, because listings are being rented very quickly: sometimes within the same day.