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PRIYA SHARMA
Century 21 Signature Realty
#207, 2920 Calgary Trail NW, Edmonton, Alberta
P: 780-485-2100
F: 780-485-2180
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Thursday, December 9, 2010 - Edmonton rents stable, vacancy rate dips

 

Edmonton apartment rents remained stable while the vacancy rate edged down in October — after three straight years of increases, Canada Mortgage and Housing Corp. said Thursday.

The vacancy rate for rental apartments across the Edmonton census metropolitan area fell to 4.2 per cent from 4.5 per cent in October, showed the federal agency’s annual fall survey.

“The reduction in vacancies in the Capital region has been modest in the past year due to continued high unemployment, relatively low levels of provincial net migration, and competition from investor-owned condominium units in the secondary rental market,” said CMHC senior market analyst Richard Goatcher.

Rent levels stayed relatively stable during the same period. An average two-bedroom apartment rented for $1,015 in October — unchanged from a year earlier, said CMHC.

In the Edmonton-area rental townhouse segment, the vacancy rate decreased to 3.5 per cent from an average of four per cent in October 2009.

The average rent for row houses increased by $46 per month since October 2009 to 1,127.

Vacancies went up in the secondary rental market, CMHC said.

“Despite a reduction in vacancies in the purpose-built commercial rental market, the vacancy rate in Edmonton’s investor-owned and rented condominiums has increased in the past year,” Goatcher said.

The vacancy rate in rental condo apartments in the Edmonton area increased to 5.2 per cent this fall from 3.1 per cent in October 2009.

A typical two-bedroom condo apartment unit saw rent decline an average of $72 per month over the year to $1,050 this year, from $1,122 in 2009.

posted in General at Thu, 09 Dec 2010 11:05:33 -0700



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