SASKATOON – Apartment hunters in Saskatoon have fewer choices and will have to spend more money renting a two-bedroom apartment according to a new report from Canada Mortgage and Housing Corporation (CMHC).
The Spring Rental Market survey released on Wednesday found the vacancy rate for a two-bedroom apartment had dropped 0.3 percentage points to 3.0 per cent in April when compared to a year ago.
The average rent for new and existing apartments was up 4.4 per cent in the same time period to $1,075.
In the province, vacancy rates in all urban centres were 3.3 per cent, up 0.3 percentage points from a year ago while rent increased by an average of 4.3 per cent.
CMHC said slower job growth and weaker wage gains were factors in the moderation of rental demand and a higher vacancy rate.
The agency also said an “increase in the supply of purpose-built rental apartments through new construction also contributed to higher vacancies” across Saskatchewan.