Grand Prix wreaking havoc on Montreal temporary accommodation; rental market hot.
It is that time of year again where the Grand Prix is wreaking havoc on Montreal temporary accommodation. Availability is at an extreme low. All Points Relocation Canada recommends that clients delay assignee and transferee arrivals until after the Grand Prix is over. Hotel rates have been reported as being as high as $800/night.
The tough news is not over.
However, the tough news is not over when the Grand Prix finishes. With more festivals coming up such as Festival International de Jazz de Montréal, Les FrancoFolies de Montréal Just for laugh etc. we should expect this trend to continue. In addition, Montreal currently is experiencing a low vacancy rate, which is causing great difficulty for those who are looking for rentals. It has been reported in January that Montreal’s vacancy rate was at a low of 2.8%.
And that comes at a time when there has been record building of new properties. All Points Relocation Services Canada is seeing assignees lose properties in bidding wars and other assignees having to improve their offers in order to get their applications accepted. With such demand has come an increase in rental prices. One report shows Montreal rental prices as having increased by 13%.
Some areas are tougher than others.
All Points Relocation Services Canada is seeing a lot more foreign nationals coming into Montreal, which is adding to the pool of people seeking rentals. These foreign nationals, particularly French nationals, want to put their children in a school outside the public system. The areas in which these schools reside (such as Outremont) are seeing incredibly low vacancy rates, because they are in high demand. All Points Relocation Services Canada strongly recommends preparing assignees for a tough rental market and providing a proper destination service.