Falling Vacancy Rates Bump Up Rents in Edmonton
According to the results of Canada Mortgage and Housing Corporation’s April 2012 Rental Market Survey, the apartment vacancy rate in Edmonton dropped to 2.7% – the lowest level since the spring in 2007 – down from 4.7% last year. The decrease in vacancies came as a result of rising migration into the province and robust job growth.
Lower vacancy rates usually lead to higher rents and this year was no exception; rents for 2 bedrooms units were up 2.2% over last year in Edmonton when comparing the same structures. However, rates were relatively unchanged overall averaging $1036/month for a 2-bedroom unit when they included new structures into the calculation (structures that were not part of the survey in the previous year). I would imagine the new “Mayfair Village” affordable rental building downtown was part of the reason for the discrepancy between existing and new rental rates.
About Sara MacLennan
Sara MacLennan is the Director of Marketing at Liv Real Estate and a licensed Real Estate Associate. The bulk of Sara’s experience and wealth of expertise lies in on-line technology and marketing both for agents and consumers. Sara is the former National Director for Interactive Marketing for Coldwell Banker Canada where she was responsible for an extensive training program traveling to offices across the country training agents and brokers on marketing and technology. Find Sara on Twitter @edmontonblogger.