Sudbury rental market vacancy rate rises: CMHC
Apartment vacancy rate sits a 4.2 per cent, up from 3.4 per cent last year
If you’re searching for an apartment in Greater Sudbury, you may have an easier time finding one compared to a year ago.
The Canadian Mortgage and Housing Corporation said the rental apartment vacancy rate in Greater Sudbury was up to 4.2 per cent in October, up from 3.4 per cent in October 2013.
CMHC analyst Jawad Ahmad said overall, demand for apartments in the city is dropping.
He said one reason is fewer youth are getting into the rental market.
“Though the employment level has increased for the youth population … most of those jobs were part time jobs, which are usually less stable and carry less income,” he said.
“So because of that, there’s not much household formation happening from that side.”
Ahmad added migration into Sudbury is slowing, and said immigrants usually rent which is affecting the overall market.
Provincially, the rental apartment vacancy rate is 2.3 per cent, down from 2.6 per cent the previous year, according to the CMHC.
Jawad said the average price to rent a two-bedroom apartment in Sudbury is up 1.6 per cent from last year — now at $927 from $914.
He said the provincial average cost of a two-bedroom apartment is $1,086.