The report — which incorporates data from Urbanation, analysis from Finnegan Marshall, and policy recommendations from BILD and FRPO — forecasts that the region will experience a shortfall of approximately 177,000 units by 2031, as the proportion of rental households spikes by 58%.

To satiate imminent demand, the report recommends a target of at least 124,000 purpose-built rental units over the next 10 years, a 164% increase over the number of units projected. This figure is provided “under an optimistic assumption that secondary rental supply (other than condos) will continue growing at the same pace as the last 10 years.” If that target is achieved, the projected rental supply gap could shrink to 77,000 units.