Vernon vacancy rates plummet

VERNON – It’s harder to find a place to rent in Vernon this year, and in some cases, more expensive to secure one. 

The spring 2014 Canada Mortgage and Housing Corporation’s spring rental market report is out and it says Vernon’s vacancy rate (percentage of available or unoccupied rental spaces) has plunged to 4.1 per cent in April 2014 down from 7.7 in April 2013.

According to the report, which analyzes vacancy rates and average rents across the country, Vernon’s vacancy rate remains above Canada’s national average of 2.7 per cent.

And while residents pay cheaper rent than the national average ($930), many are shelling out more than they did around the same time last year.

Rent went from $524 to $531 for bachelor suites, $636 to $649 for one bedroom apartments and $785 to $794 for two bedroom apartments. The only housing type to go down in price was three bedroom apartments. They decreased to $844 from $851.

Vernon’s overall average rent for private apartments is still a good deal less than Canada’s most expensive city to rent in; Vancouver with an average cost of $1,274 a month.

Vernon joined Kelowna in a substantial reduction in vacancy rates.

To contact the reporter for this story, email Charlotte Helston at chelston@infotelnews.ca or call 250-309-5230. To contact the editor, email mjones@infotelnews.ca or call 250-718-2724