Rental housing is important for building diverse communities. It provides affordable housing to lower income households as well as for people at different stages of life. Rental housing also provides more easily accessible accommodation for new Canadians and for Canadians from other provinces. A balanced rental market would have a vacancy rate between 2 to 3% and affordable prices for a diversity of household incomes. The average rental price is a measure of how affordable rental housing is in Surrey. Data source: Canadian Mortgage and Housing Corporation.