June 11, 2014 - 8:19 PM
PENTICTON — Finding a rental apartment may cost you, depending on what you’re willing to settle for.
Rental costs are increasing in Penticton, but availability rates are on the decline, according to the spring Rental Market Survey released by the Canada Mortgage and Housing Corporation.
The overall availability rates in Penticton have dropped in the last year to 3.2 per cent from 3.4 per cent, with two-bedroom units decreasing the most 3.3 per cent from 4.3 per cent.
Two-bedroom units have the highest availability rate in the cit—824 of the city's 1,980 rentals.
The availability rate for bachelor units almost tripled between April 2013 and 2014, however there are only 154 units in the whole city. With a 2.3 per cent availability rate, that leaves less than four bachelor apartments available.
And even though the rental rate is lower than the provincial average, Penticton’s availability rate 3.2 per cent is still 0.4 per cent lower than the provincial rate of 3.6 per cent in 2014.
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News from © InfoTel News Ltd, 2014