The height of the pandemic saw vacancy rates top out at 13.31% ranging in the thirteen percent band for December holidays in quarter 4 of 2020 and the first half of 2021. Finally, in the preceding quarter, the vacancy rate dropped to 10.66%. The mass unrest in July fed into a sharp increase in unemployment, the 660,000 jobs lost translating into less demand for rental property. And with that, the December international travel ban translates into an increase in long term rental property stock. Less tenant demand coupled with additional properties available has led to landlords feeling the impact of an increased vacancy rate of 11.71% in the last quarter of 2021.
