Rental market vacancy rate up in Newfoundland and Labrador

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The rental apartment vacancy rate in Newfoundland's urban centres was 4.3 per cent in April 2014, up from 1.7 per cent in April 2013, according to the Spring Rental Market Survey released today by Canada Mortgage and Housing Corporation.

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The St. John's rental market vacancy rate was 4.8 per cent in April compared to 1.5 per cent a year ago.

"Rental market demand waned during the survey period due to slightly weaker growth in population and employment," said Chris Janes, senior market analyst with CMHC in Newfoundland and Labrador.

"In terms of supply, there were 43 new units added to the rental apartment universe, which is an increase of 1.2 per cent and likely impacted the overall vacancy rate."

In smaller centres, the vacancy rate in Gander was 3.2 per cent, 2.9 per cent in Corner Brook and 3.8 per cent in Grand Falls-Windsor.

Overall, the average two-bedroom rent was $785 across the urban centres surveyed, with increases recorded in every centre. The highest average two-bedroom rent recorded was $857 in the St. John's area. The remaining average two-bedroom rents were $713 in Corner Brook, $629 in Gander and $714 in Grand Falls-Windsor.

 

 

Organizations: CMHC

Geographic location: Newfoundland and Labrador, St. John's, Gander Corner Brook Grand Falls-Windsor.Overall Grand Falls

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