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

Surrey council approves modular housing projects for homeless after lengthy hearing

Vote comes after three-hour-long public hearing over supportive housing projects in Whalley, Guildford

Surrey mayor appoints his Safe Surrey Coalition to police transition committee

McCallum dissolved the city’s public safety committee last week in favour of the new committee

Rollover crash in South Surrey

One person airlifted following incident near 40 Avenue and 160 Street

VIDEO: Gone Country success means so much to cancer patient

Mother of three, recovering from breast cancer treatment, makes it to seventh annual charity concert

PHOTOS: Beach day in White Rock

Summer heat brings locals and tourists to the beach

VIDEO: Young couple found dead in northern B.C. had been shot, police say

Chynna Noelle Deese of the U.S. and Lucas Robertson Fowler of Australia were found along Highway 97

Hazmat incident closes down Lower Mainland street

One person is believed to be dead, police said

VIDEO: Man found dead near B.C. teens’ truck could be linked to a double homicide

RCMP said they are looking for Kam McLeod, 19, and Bryer Schmegelsky, 18, of Port Alberni

Latest plan is to fly trapped fish by helicopter over Big Bar slide

Multi-pronged plan set in motion to freesalmon blocked by landslide in the Fraser River

Family of missing B.C. senior with dementia frustrated with situation, heartened by community support

Nine days since Grace was last seen the question remains: ‘How can an 86-year-old just disappear?’

Unsealed record suggests U.S. man convicted of murdering Vancouver Island couple left DNA on zip tie in 1987

William Talbott is set to be sentenced Wednesday in the murders of Jay Cook and Tanya Van Cuylenborg

Okanagan Air Cadet challenges gender-exclusive haircut policy

Haircut regulation inspires challenge around gender identity

Pride flags stolen from Lower Mainland church

Went missing sometime Friday night, says Maple Ridge reverend

25 new wheelchair-accessible cabins open at Cultus Lake Provincial Park

Maple Bay Campground is now home to 25 new wheelchair friendly cabins, a first for BC Parks

Most Read