Kitchener-Cambridge-Waterloo vacancy rate rises to highest level since 1993

The vacancy rate in Kitchener-Cambridge-Waterloo has reached 3.6%, the highest since 1993, according to the Fall 2024 Rental Market Report from the Canadian Mortgage and Housing Corporation. This increase is partly due to reduced demand from international students. Average rent for a two-bedroom unit has slowed to a 4.2% increase, now at $1,766. Despite higher vacancy rates, low-income renters face difficulties. The average rent for newer two-bedroom units is $2,356, with affordable units available at less than one percent.