Vacancy rate for Saskatoon apartments increases

The rental apartment vacancy rate in Saskatoon increased 1.6 per cent in April when compared to a year ago, according to CMHC report. File / Global News

SASKATOON – There are more two-bedroom apartments for rent in Saskatoon and rents are higher, according to Canada Mortgage and Housing Corporation (CMHC). Its spring rental market survey released on Monday found the vacancy rate for a two-bedroom apartment rose 1.6 percentage points to 4.6 per cent in April 2015 when compared to April 2014.

Within structures common to both surveys, the average rent for a two-bedroom apartment increased 3.4 per cent in Saskatoon.

In new and existing structures, an average two-bedroom apartment in Saskatoon rented for $1,112 per month in April 2015. Provincially, Estevan maintained the highest rent and Swift Current recorded the lowest.

READ MORE: Economic growth will cool considerably in Saskatoon: report

In Saskatchewan, vacancy rates in all urban centres were 5.6 per cent, up 2.3 percentage points from a year ago while rent increased by an average of 2.8 per cent. Saskatoon had the second lowest vacancy rate, only greater than Moose Jaw.

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Estevan’s vacancy rate was the highest at 20 per cent in April 2015.

CMHC said a reduction in capital investment in the oil and gas industry has reduced employment growth and the inflows of migrants.

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