More development doesn't mean more rentals

Image Credit: wikia.com

PENTICTON -  A recent study shows there are fewer rental units in Penticton than there were at this time last year, but can the city’s development department keep up with a shrinking rental availability?

Anthony Haddad, the city’s director of development services said he hasn't received a lot of proposals for apartment buildings lately. However, the city just issued a permit for an eight-unit building on Van Horne Street, he said.

“There’s been a lot of multi-family (homes) built in Penticton… that are under construction or have been built but have yet to sell,” Haddad said. “We’re already seeing interest in more forms of multi-family development."

For example, there are more duplexes and town homes.

According to a recent study released by the Canada Mortgage and Housing Corporation, 2,186 rental units were available in Penticton as of April 2014 — 24 fewer units than last year. Since April 2013, vacant units decreased by 36 units, and there are 32 fewer available units.

The biggest drop was in two-bedroom townhome and apartment rental units with a 2.5 per cent drop in vacant units, and 2.4 per cent drop in available units.

The difference between vacant and available units is that available units are ready for leasing, but vacant units are not always ready to be rented.

Even though the city has permitted the development of more multi-family homes in the last year, the chances of finding a rental unit are slim.

To contact the reporter for this story, email Meaghan Archer at marcher@infotelnews.ca or call 250-488-3065. To contact the editor, email mjones@infotelnews.ca or call 250-718-2724.


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