Today the new CMHC Rental Market Survey data came out, which is a good opportunity to refine my musings on the rental vacancy rate and rent increases. I view this as the renter version of the relationship between months of inventory and changes in resale prices in the for sale market. CMHC surveys purpose-built (market) rental apartments every October and reports on a variety of metrics, including statistics about the total stock, median and average rents, vacancy rates, and fixed-sample average rent change among others.
We are getting close the end of the STR grace period ending August 31st, so it’s time to take a look at compliance of the STR operators. For today we will just look at Airbnb, which is the largest STR listings platform. Other larger listings platforms are VRBO or Craiglist. How did we get here? The concern over short term rentals is a fairly new phenomenon. As recently as 2013 a local columnist praised the benefits of Airbnb in generating higher incomes and side-stepping the resiential tenancy act.
A friend of mine is looking for a new rental, which reminded me that I always wanted to do a quick map of rents near skytrain stations. Should not be too hard.
Skytrain station data
Earlier today I came across Gil Meslin’s tweet suggesting to reproduce this rent graph for neighbourhoods in Toronto. I agree that this would be fun to do. All it requires is mixing the Toronto neighbourhoods with renal listings data, which I happen to have handy. So time to get working. Neighbourhoods To do this we need to grab the Toronto neighbourhoods which can be found on Toronto’s open data website.