Vacancy rate remains low as rents rise in Penticton | iNFOnews | Thompson-Okanagan's News Source

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Vacancy rate remains low as rents rise in Penticton

Twin blocks of rental apartments under construction on Duncan Avenue in Penticton. Latest Canada Mortgage and Housing statistics indicate a need for rental units in the city.
November 30, 2016 - 9:00 PM

PENTICTON - Latest statistics from Canada Mortgage and Housing back up what city staff and council are saying about a tight rental market in Penticton.

Discussion around zoning and bylaw amendments to allow construction of several apartment blocks in the city at council meetings earlier this year have centred on the need for affordable rental housing in Penticton.

The Canada Mortgage and Housing report notes vacancy rates for bachelor units are at four per cent while there are no three bedroom units currently available in the city.

Two bedroom apartments are also scarce, at a 0.6 per cent vacancy rate, while one bedroom units are more plentiful, at 1.2 per cent.

There are a total of 2,063 rental units in the city’s inventory up 35 a year ago.

Rental rates are up from an average of $764 in 2015 to $800 this year. 

Average prices range from $609 for a bachelor suite to $1,019 for a three bedroom apartment.

The report says demand for housing is up in Southern B.C. due to higher levels of migration and development, noting vacancy rates in Penticton are currently at 1.1 per cent, compared to an average of 1.3 per cent provincially.

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