Rental rates in Vernon saw a bump in 2019, according to the latest figures from the Canada Mortgage and Housing Corporation (CMHC).
Renters of townhouses and apartments in the city had an average estimated rent increase of 4.2 per cent between October 2018 and the same month the following year. The increase, reported in CMHC’s annual rental market survey, is exactly on par with the province-wide trend.
Two-bedroom renters faced the highest increase, paying an average of $1,075 per month in October 2019 – up an even five per cent from $946 the previous year.
Renters of single-bedroom apartments saw their monthly dues rise by an average of 3.7 per cent, paying about $854 last October.
Rates for bachelor suites were stable over the year, with renters paying an average of $626 in October 2019 compared to $628 the year before. Single-bedroom tenancy remained stable over the year.
Vacancy rates for two-bedroom units rose from one per cent in 2018 to 2.6 the following year. Meanwhile, three-bedroom vacancy crashed to 0.6 per cent, down from 3.6 per cent the year prior.
Turnover rates across all apartment and townhouse units rose to 19.3 per cent in 2019 – up from 2018’s 13.8 per cent.
The maximum rent increase in the province is currently set at 2.6 per cent, but that only applies to ongoing tenancies; landlords can always increase rent beyond that mark with new tenants.
According to Vernon realtor Diana Delaney, the CMCH estimates are in line with what she’s seen in the local market.
“If in one of my apartment buildings I’m getting $950, it’s going to go up to probably $1,100,” she said.
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