Apartment vacancy rates fall in Edmonton-area
CBC News
Posted: Dec 13, 2012 9:19 AM MT
Last Updated: Dec 13, 2012 9:17 AM MT
The number of apartments available in the Edmonton area is half of what it was one year ago.
The vacancy rate sits at 1.7 per cent — down from 3.3 in 2011, according to Canada Mortgage and Housing Corporation’s Fall Rental Market Survey.
"Strong net migration and continued job growth in Edmonton contributed to the reduction in vacant rental apartments, as did a modest reduction in the supply of rental units," senior market analyst David Lan said in a press release.
Three-bedroom suites reported the lowest vacancy rate at 1.1 per cent, followed by a 1.4 per cent vacancy rate in both two-bedroom and bachelor units, said the survey. One-bedroom units had the highest vacancy rate of two per cent.
The areas with the lowest vacancy rates were Leduc and West Jasper Place at 0.4 per cent and 0.6 per cent, respectively, followed by the University area and the southwest, both at 0.7 per cent.
The survey found as vacancy rates declined, rent levels moved upward.
Average rents jumped 3.7 per cent between October 2011 and October 2012 up from one per cent the year prior.
The average monthly rent for all apartment units in the Edmonton region was $965 in October 2012. Two-bedroom apartments rented for an average of $1,071 in October 2012, while one-bedroom units rented for an average of $882.
Share Tools
Latest Edmonton News Headlines
- City manager asks council to add $30M to pothole budget
- Transportation manager Bob Boutilier says more money is needed to do roadway maintenance and rehabilitation. more »
- Edmonton couple funds glimmer of hope on High Level Bridge
- As CBC's Kim Trynacity reports, the camping to light up the High Level Bridge has just gained one pair of very passionate supporters. more »
- Edmontonians at a loss to explain rising gas prices
- As CBC's Scott Stevenson found out, many Edmontonians are at a loss to explain why the cost of gas has gone up more than 20 cents per litre over the past two weeks. more »
- Supporters protest bail in boy's patio death
- Richard Suter will remain in custody Thursday night as he waits to find out whether he will be granted bail. more »
Must Watch
Top News Headlines
- Toronto mayor fired chief of staff for telling him to 'go away and get help'
- CBC News has learned the details of what precipitated the firing of Mark Towhey as Toronto Mayor Rob Ford's chief of staff — and it was advice from Towhey that Ford needs to 'get help.' more »
- Federal Court won't remove MPs over robocall allegations
- The Federal Court says it won't throw six MPs out of their seats over allegations of widespread vote suppression through automated robocalls in the 2011 federal election. But Judge Richard Mosley did find that fraud occurred in the election. more »
- Alleged Ford crack video seller not responding to calls
- The journalist who broke the story alleging Toronto Mayor Rob Ford was recorded on video smoking crack cocaine says he may never be able to get his hands on the evidence. more »
- Bridge collapse on Washington interstate drops cars into water
- The Washington State Patrol says the Interstate 5 bridge over the Skagit River at Mount Vernon has collapsed, dumping vehicles and people into the water. more »
- Smudge, the Hotel Macdonald's friendliest greeter
- Edmonton police recognize Whyte Avenue bouncer as hero
- Supporters protest bail in boy's patio death
- Hostage taking at Edmonton courthouse sends prisoner to hospital
- Lindale fire doubles in size within hours
- Violent Edmonton arsonist sentenced to 15 years
- Rain, snow in K-Country prompts rescue of school campers
- Edmonton driver, 62, charged in boy's patio death
- Photocopier bill could topple Edmonton charity
