Rental vacancy rates edge down in Lower Mainland

Average rents went up modestly this year

Apartment vacancy rates in Metro Vancouver have dropped slightly to 1.9 per cent, according to the latest rental survey by the Canada Mortgage and Housing Corp.

That’s down from 2.1 per cent a year ago.

CMHC senior market analyst Robyn Adamache cited an increase in jobs in the region and a steady influx of new residents.

“A slowdown in first-time home buyer activity also contributed to lower vacancy rates as more households remained in the rental market,” she said.

It’s really a tale of two markets – while it’s got harder to find purpose-built rental apartments, 3,500 more investor-owned condos have gone into the rental market.

That actually increased the vacancy rate for those units as well as suites and rental houses and townhomes by half a point to 2.2 per cent.

Landlords typically raised rents by 2.6 per cent in Metro Vancouver in 2009.

The average rent of a one-bedroom apartment climbed to $940, while two-bedroom units now go for an average of $1,195.

It’s easier to find an apartment in the Abbotsford area, where the vacancy rate is 6.5 per cent. Average rents there climbed 1.5 per cent, with one-bedroom units renting for $655 and two bedrooms going for $785.

Just Posted

VIDEO: Community Leader Awards honour Surrey’s unsung heroes

The Now-Leader’s 15th annual event celebrates the building blocks of our community

Decision to opt out of Operation Red Nose made last winter, says Langley Gymnastics

ORN drivers in neighbouring communities will fill Langley/Surrey gaps as best they can

Curling competition cutting close ahead of BC Junior Curling Championships

Qualifiers for December’s championships come down to the decimal point

Feds will spend $327.6 million a year to fight guns and gangs

Funding announcement in Surrey also includes $10 million for emergency opioid funding in B.C.

Chilliwack boy drops puck at Canucks fight cancer game

Carter Johnston, 11, fighting osteosarcoma and has a growing, prosthetic leg

White Rock/South Surrey food bank seeking seasonal fare

Deadline to donate for Christmas food hampers looming

Christmas movie ‘classics’ at renovated Clova in December

By-donation events hosted by building owner Crossridge Church

Delta-Richmond Operation Red Nose kicks off with call for volunteers

ORN uses volunteers to provide motorists who have been drinking a free ride home — in their own cars

Riverview youth mental health centre proceeds

Replacement for Maples Treatment Centre first announced in March

Overnight lane closures at Highway 91 and 72nd Avenue

Left turn lanes off of the highway onto 72nd eastbound will be closed to install drainage culverts

Dead boy’s father posts Facebook response after Appeal Court upholds conviction

David, Collet Stephan were found guilty in their son Ezekiel’s 2012 death from bacterial meningitis

Giants trio on ‘watch list’ for NHL draft

Three members of the Vancouver Giants earning some looks from NHL scouts

Forecasters promote avalanche safety awareness to kick off season

Avalanche Canada advising backcountry enthusiasts to get proper training and equipment.

5 to start your day

Delta police probe anti-Christian graffiti, Langley’s Dallas Smith calls out concertgoers and more

Most Read