News

Rental vacancy rate increasing

There is more selection when it comes to finding a place to rent in Kelowna.

The latest findings of the Canada Mortgage and Housing Corporation show the apartment vacancy rate was four per cent in October, up from three per cent for the same month last year.

“Additions to the stock of rental apartments contributed to a higher vacancy rate this year. Competition from investor-owned rentals, secondary rental accommodation and the home ownership market also factored into rising apartment vacancy rates in 2012,” explained CMHC market analyst Paul Fabri.

He said average apartment rents remained stable in 2012, with minimal change recorded for the third consecutive year.

“Higher vacancy rates have led to price competition among building owners, dampening upward pressure on rents.”

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