Kamloops rental vacancy rate slightly rises this year - InfoNews

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Kamloops rental vacancy rate slightly rises this year

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November 28, 2017 - 10:20 AM

KAMLOOPS - While North Kamloops rental units have increased in vacancy, the same can't be said for rentals on the south shore.

New numbers from the Canada Mortgage and Housing Corporation show the overall vacancy rate in Kamloops has risen just over 0.1 per cent in October 2017 compared to the same month last year, but the other side of the city tells a different story.

The vacancy rate in Kamloops is at 1.2 per cent, up from 1.1 per cent in October 2016. But the south shore's vacancy rate has dropped dramatically over the same time period from 1.5 per cent in October 2016 to 0.9 per cent this year.

A vacancy rate of four per cent is generally considered healthy. 

The biggest drop in rental availability in south shore units is in two-bedroom apartments. The vacancy rate for those units this year is a mere 0.2 per cent, compared to 1.3 per cent last year.

For the North Shore, the vacancy rate for rental apartment units is now 1.5 per cent, compared to 0.6 per cent last year. There are now far more two-bedroom apartment units available with a 2.1 per cent vacancy rate compared to 0.9 per cent the year prior.

Although vacancy rates on both sides of the city have changed dramatically, the average rent price hasn't: On average, it's up just a few dollars compared to last year.

The average rent price in the city is now $874 compared to $854 last year. 

Across the province, the average apartment vacancy rate in B.C. is 1.3 per cent this year, with more than one third of urban centres in the province having less than one per cent of primary rental units available.

The report states that the average apartment rent in the province increased by 5.8 per cent, compared to 5.5 per cent the year prior.

The report also shows Kelowna is in the same boat as Vancouver and Victoria when it comes to rental availability in the city, all three being at a vacancy rate of less than one per cent.

A growing demand for rental units is driven by employment growth and high migration levels throughout 2016 and 2017, according to the report. Population growth in young adults and seniors have also contributed to stronger demand for rentals.

Read the full report here.


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News from © InfoTel News Ltd, 2017
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