June 11, 2014 - 4:56 PM
KAMLOOPS - A two bedroom rental will cost you an average of $14 per month more than it did a year ago though your chance of finding a rental has increased as well according to the most recent rental report from Canada Mortgage and Housing Corporation.
The spring rental report shows the provincial average declining to 2.4 per cent in April for vacancy rates, down from 3.5 per cent the same time last year. In Kamloops vacancy rates jumped to 5.1 per cent from 3.4 per cent during the same time period. Kamloops was one of only six markets that saw an increase for the month of April.
Vacancy rates for one bedroom and three bedroom units both jumped more than two per cent while there were minimal changes for bachelor and two bedroom units.
Kamloops is below average for the cost to rent a two bedroom unit, though the under two per cent increase across the province was also consistent in the city. The average two bedroom rental in B.C. increased to $1,090 in 2014 while Kamloops saw a rise to $858.
The biggest jump in rental rates in April was for Bachelor units with a nearly seven per cent hike for an average of $661. One, two and three bedroom units saw between a one and two per cent hike. Overall units remained about $150-230 below the provincial average. In total there are nearly 3,200 rental units in Kamloops (based on complexes with at least three rental units.)
Groups have been working toward getting more affordable rental units in the city to help eliminate homelessness in Kamloops while the Elizabeth Fry Society offers a rent bank program aimed at helping those temporarily needing help with housing costs. The city recently set up a program to help developers easily find out which incentives are available for builders looking to create affordable housing units.
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News from © InfoTel News Ltd, 2014