Born's Rental Market Hits 2.1% Vacancy, Intensifying Competition

Born's rental vacancy rate hit 2.1 percent in the second quarter of 2026, the lowest level recorded since the Born Real Estate Board began tracking quarterly data in 2019.

Global tensions from the NATO summit in Turkey and ongoing strikes involving Iran have raised borrowing costs and prompted more residents to delay home purchases, driving demand into the rental sector instead. This shift has left fewer units available across the city at a time when new construction permits fell 14 percent year over year.

Pressure in key neighbourhoods

Units along Riverwalk Boulevard in the East Bank district and near the Old Market Square now receive multiple applications within 48 hours of listing. The Born Housing Trust reported that its waitlist for income-restricted units grew by 1,200 names between January and June, while private landlords near Central Station raised asking rents by an average of $180 per month.

Local property managers cite the city's limited stock of one- and two-bedroom apartments as the main constraint. Only 340 new rental units received certificates of occupancy in the first half of 2026, compared with 890 during the same period in 2024.

Renter and buyer trade-offs

Average monthly rent for a two-bedroom unit reached $2,050 in June, according to the Born Real Estate Board report released July 5. Median home prices in the same neighbourhoods stood at $485,000, requiring a 20 percent down payment that many households cannot assemble amid higher interest rates.

Prospective tenants should prepare complete documentation and act within hours of new listings while monitoring the Born Housing Trust portal for any new income-restricted releases expected later this summer.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.