The StarPhoenix December 13, 2013 - The rental market is still tight in Saskatoon, says the latest report from Canada Mortgage and Housing Corporation (CMHC).
The apartment vacancy rate in the Saskatoon Census Metropolitan Area (CMA) was 2.7 per cent in October, almost unchanged from 2.6 per cent in October 2012, the CMHC's Fall Rental Market Survey says.
"Strong employment growth and elevated net migration to the city have resulted in steady demand for rental accommodation in Saskatoon this year," said Goodson Mwale, CMHC's senior market analyst for Saskatchewan, in a news release. "On the supply side, the apartment rental stock was relatively unchanged this fall compared to October 2012, resulting in a stable vacancy rate."
The average monthly rent for a two-bedroom apartment in the Saskatoon CMA was $1,041 in October 2013. The central zone had the highest average monthly rents for a two-bedroom apartment this October, at $1,147, due mainly to proximity to the downtown and University of Saskatchewan. The outlying areas recorded the lowest average monthly rent for a two-bedroom apartment, at $792.
Rent for an average two bedroom increased by four per cent year-over-year this October. Fixed-sample rents for one-bedroom units reported an increase of 4.5 per cent, while three-bedroom rents rose 5.1 per cent yearover-year in October. Apartment vacancy rates in Saskatoon's eight zones ranged from 5.4 per cent in the southwest to 1.3 per cent in outlying areas of the CMA.
The report said the southwest zone traditionally has the highest vacancy rate in the city because it has a higher proportion of older structures.
The vacancy rate in rental condominium apartments was 0.7 per cent in October 2013, relatively unchanged from 0.9 per cent in October 2012.
Oct. 2 0 1 3 vacancy rates
Average two-bedroom rent
Zone 1 Central 2.2% $1,147
Zone 2 Nutana 1.8% $1,024
Zone 3 Lakeview 3.8% $1,016
Zone 4 Northeast 1.8% $1,122
Zone 5 North 4.3% $1,026
Zone 6 Southwest 5.4% $866
Zone 7 West 2.0% $1,084
Saskatoon (Zones 1-7) 2.7% $1,043
Zone 8 Outlying areas 1.3% $792
Saskatoon CMA 2.7% $1,041