Apartment vacancy rates hold steady, rents on rise
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Hey there, time traveller!
This article was published 28/11/2017 (2853 days ago), so information in it may no longer be current.
The overall apartment vacancy rate in Winnipeg held steady over the past year at 2.8 per cent, while the overall average monthly rental rate climbed by 3.9 per cent to $970, according to the annual Rental Market Report from the Canada Mortgage and Housing Corporation.
The national housing agency said Tuesday that while 1,846 new rental units were added to the Winnipeg market between October of last year and October of this year, the demand for rental apartments also increased due to rising employment rates and more new immigrants arriving in the city.
“Throughout 2017, employment in Winnipeg has been increasing, with strong gains in full-time employment that have been slightly offset by declines in part-time employment,” it said.
“Despite a decline in overall net migration so far in Manitoba in 2017, there continues to be incoming international immigrants,” it adds. “It is expected that the majority of these newcomers rent upon arrival.”
The report includes a breakdown of the vacancy rates for the four most common types of apartments — bachelor, one- , two- and three-bedroom units — and for a dozen different areas of the city. A similar breakdown is also provided for monthly rental rates.
The report shows the apartment vacancy rate ranges from a low of 2.6 per cent for two-bedroom units to a high of 3.0 per cent for one-bedroom suites. It also shows the overall vacancy rate ranged from a low of 1.8 per cent in St. Boniface to a high of 6.5 per cent in Transcona.
On the rental-rates side, the average monthly rate ranged from $655 for a bachelor suite to $1,390 for a three-bedroom apartment. The overall average monthly rate ranged from a low of $704 in the Lord Selkirk area, which is in the north end of the city, to a high of $1,143 in the Assiniboine Park area.
murray.mcneill@freepress.mb.ca
