VERNON – It’s becoming more difficult to find a rental apartment in many Okanagan communities.
That’s the story new statistics from the Canada Mortgage and Housing Corporation (CMHC) tell.
In Kelowna, the apartment vacancy rate for rental units dropped from 1.8 per cent in October 2013 to 1.0 per cent this October. Vacancy rates for rental apartments also declined in Vernon, Penticton and Salmon Arm.
“All of the markets in the Interior for the most part have seen a softer demand for home ownership and as a result people are either staying in.. rental units or moving into rental units and that is increasing the demand,” explains senior market analyst with CMHC Sarena Teakles.
Summerland bucked the trend, with the apartment vacancy rate increasing to 6.3 per cent this October.
The CMHC stats are based on data from privately initiated rental apartment structures with three or more units.
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