CMHC released their semi-annual rental market report today showing increasing rents and a dropping vacancy rate. Highlights from the report include:
- In the primary rental market, the apartment vacancy rate in the Edmonton Area declined to 1.4% in October 2013 from 1.7% a year previous
- The average rent for a two-bedroom apartment in new and existing structures was $1,141 per month in October 2013.
- In rental structures common to both the October 2012 and 2013 surveys, the year-over-year change in the average rent for a two-bedroom apartment was 5.6%.
- The vacancy rate for row (townhouse) rentals decreased to 0.9 per cent October 2013 from 1.7 per cent in October 2012.
Employment growth and elevated levels of migration have supported increased
rental demand in 2013, contributing to the decline in vacancy. Average employment is on pace to increase 2.8 per cent in 2013, helping to attract a record 27,000 net migrants.
The 1.4% vacancy rate makes us one of the lowest rates in the country; Calgary sits at 1%, Toronto is at 1.6%, Vancouver at 1.7% and Regina & Kelowna are at 1.8%. The highest rate in the report is St. John at 11.4%, followed by Moncton at 9.1%. our vacancy rate is now dipping close to the low we saw in 2006: