Edmonton rental market sees extremely low vacancy rate
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Even with a big influx in apartments being built, Edmonton’s vacancy rate continues to be among the lowest in the country.
The Canadian Mortgage and Housing corporation released vacancy rate data last week showing just 1.4 per cent of apartments are currently vacant.
Richard Goatcher, an economic analyst with the Alberta chapter of the Canadian Home Builders Association, said that shows how hot the economy is, because supply is constantly being added.
“That just speaks to the strength of demand. Even though we have had a fairly good injection of rental units and multi-family units, vacancies are still low,” he said.
Goatcher said while there will be more units coming on stream, renting an apartment is not going to be easy or cheap.
“It’s going to be a challenge for people trying to find affordable rental accommodation,” he said. “Landlords can push the envelope on rents and get it.
Christopher Gourley, with Midwest Property management who are currently renting out Edmonton House, a hotel converted into rental apartments, said they have seen strong interest.
“We’re definitely probably two thirds through the project and the demand has been exceptional,” he said.
Gourley said Edmonton House is more for people making a lifestyle choice to rent, but the demand is strong in all of Midwest’s properties.
“We consistently run tighter than the average and so our vacancies will be likely closer to one per cent.”