Hulchanski says that most new rentals today are offered through privately owned condos and basement suites, which tend to be less stable (owners sell; tenants are displaced). Many of these would-be rental units are also now being used as short-term rentals on platforms like Airbnb instead. And demand is vastly outstripping supply, Hulchanski says, which is now helping drive up prices. The vacancy rate across the country is around 3 percent. But in Toronto and Vancouver, it's at 1.4 and 1.2 percent respectively. In December, just as home prices were starting to soften, the median rent for a one bedroom in Vancouver reached a new high of nearly $2,600. The median rent for a two bedroom was nearly $3,600, up a whopping 18.9 percent from a year earlier—all despite the province's rent-control regulation. In Toronto, the increases have been even steeper, with the average rent going up nearly 23 percent from a year earlier in December. Paraphrase the authors idea in 1 sentence ?