INTERVIEW - Residential rental vacancies at 6-year low
Demand for residential rental property remains strong with residential rental vacancies nationally declining to 6.76% in the third quarter of 2023, the lowest quarter since 2017, according to the latest TPN Credit Bureau Vacancy Survey Report. Year-on-year, overall vacancies have decreased 11.52% on average. Despite a constrained economy, tenants have continued to meet their rental obligations. The recently published TPN Residential Rental Monitor revealed that tenants in good standing improved overall in the third quarter with relatively healthy escalations.