Vacancy Survey 2022 Q1

While 2021 was the year for double digit vacancies, encouragingly, national vacancies have seen a sharp decline from their highest rates in the first quarter of 2021 (13.31%) and the fourth quarter of 2021 (11.71%) to 8.26% in the first quarter of 2022. However, this figure has yet to return to the pre-pandemic level of 7.47% achieved in the first quarter of 2020. The good news is that the residential rental market is back in escalation and pointing towards keeping up with inflation.