Friday, June 21, 2013

Fewer vacancies, higher rents: Prince Rupert's rental market is heating up

The CMHC has released its latest review of the rental market across British Columbia, a document that outlines the trends across the province, with a comparison of the year past and what changes are taking place in large and small communities.

The report, while more focused on the larger centres of the province, does provide a small section of data on smaller communities and the lines dedicated to Prince Rupert provide a glimpse into a rental market that is on the move up, well up if you're paying rent, down if you're currently looking for a place to call home.

The most recent date from CMHC outlines that at this time there are 749 apartments of various types in the city.

58 Bachelor units, 268 one bedroom, 350 two bedroom and 73 three bedroom units.

And judging by the drop in the vacancy rates, a good number of them are currently occupied.

The overall vacancy rate for April was listed as 3.9% down dramatically from the percentages of 2012 when the Prince Rupert vacancy rate was marked at 13.5%

The cost of renting has increased as the vacancy rate declines, in 2012 the average cost of all units combined worked out to $662, one year previous that average cost registered at $624.

A helpful guide to the rental landscape at the moment, can be found in the tables that outline the Average rent of private Apartments, their vacancy rate and the comparison to 2012 is as follows.



2013-- $492
2012--  $450

Vacancy Rate

2013-- 3.3%
2012-- 13.1%

One Bedroom


2013-- $621
2012-- $582

Vacancy Rate

2013-- 4.9%
2012-- 12.6%

Two Bedroom


2013-- $745
2012-- $691

Vacancy Rate

2013-- 3.7%
2012-- 16.7%

Three Bedroom


2013-- 617
2012-- $630

Vacancy Rate

2013-- 1.4%
2012-- 4.9%

Total Averages 


2013-- $662
2012-- $624

Vacancy Rate

2013-- 3.9%
2012-- 13.5%

Further breakdowns combine Row Townhouse availabilities and private Apartments, which change the final numbers slightly, but for the most part mirror that of the stand alone Apartment survey.

The full review of the CMHC study can be found here.

The Prince Rupert tables can be found from pages 6 through 14.

Northern View-- Prince Rupert vacancy rate drops almost 10 per cent year-over-year

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