Apartment rental vacancy doubles in Red Deer, prices decrased by 3.9 per cent

While rental vacancies in Red Deer have more than doubled in the past year, the average rental price has decreased by 3.9 per cent.

According to new statistics from the Canadian Mortgage and Housing Corporation, Red Deer saw an increase in apartment vacancies from 5.4 per cent in October 2015 to 13.6 per cent in October 2016.

Lai Sing Louie, CMHC regional economist, said the provincial rates have risen for a second straight year as “rental supply outpaces demand.”

Similar trends are visible in other Central Alberta communities. In Sylvan lake the vacancy rate increase from 8.9 per cent to 19.2 per cent and in Lacombe it increased from 3.6 per cent to 11.4 per cent.

Red Deer’s vacancy increase can also been seen across all types of available property. Bachelor’s increased three per cent to seven per cent, one-bedrooms increased 5.3 per cent to 12.7 per cent, two-bedrooms increased 5.8 per cent to 14.7 per cent and three or more bedroom rentals increased from 1.6 per cent to 10.3 per cent.

Compared to the province, Red Deer’s vacancy increased more as the province’s vacancy rate grew from 5.6 per cent to 8.1 per cent.

For price, a bachelor apartment averages $738 per month as opposed to $755 a year before; one-bedrooms are down to $848 from $870, two-bedrooms are down to $1,016 from $1,036 and three or more bedrooms are down to $1,069 from $1,138.

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