Vacancies down, rent up for Saskatoon apartments

There are fewer two-bedroom apartments for rent in Saskatoon and rents are higher according to Canada Mortgage and Housing Corporation. File / Global News

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.

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The agency also said an “increase in the supply of purpose-built rental apartments through new construction also contributed to higher vacancies” across Saskatchewan.

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