Rent climbs in Vernon while vacancies remain tight

VERNON – It’s not getting any easier, or more affordable, to rent a home in Vernon.

According to the latest report from the Canada Mortgage and Housing Corporation, the vacancy rate for rentals in Vernon was 1.9 per cent last month, the same as it was in October 2015. Back in April of 2015, the vacancy rate was at 3.4 per cent. 

Meanwhile, the average rent has gone up $36 to around $783, compared to $747 in October 2015.

The increase was seen across the board for all types of rentals; bachelor suites rose to $587 a month, compared to $544 last year; one bedroom units to $705, up from $674; two bedrooms to $860, from $821; and three bedrooms to $935 from $906.

The corporation estimates there are roughly 1,558 rental units in Vernon, or three more than when they did the study last year. The report only counts rental structures with at least three units.

Data for the report is obtained through a combination of telephone interviews and site visits that provide a sample of rental market conditions in each community. Surveys were done with owners, managers or building superintendents during the first two weeks of October.

The average vacancy rate in B.C. is at 1.3 per cent, while the average rent is $1,099.

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