Apartment vacancy rates fall in Edmonton-area
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.