Apartment Vacancy Rate Drops in P.G.
Prince George, B.C. – The apartment vacancy rate in Prince George has dropped. According to Canada Mortgage and Housing, it had been 7.7% in October of 2010, and has dropped to 5.1% in October 2011.
The largest decrease in the vacancy rate was in the 3+ bedroom category. Last year, there was a rate of 10.5% in that category, but in October of 2011 it had declined to 4.9%, largely because there were fewer such units in the marketplace. In October of 2010 there were 458 units that had 3 or more bedrooms, while in the same month this year, that had dropped to 386.
The overall number of apartments in Prince George declined over the year, with 3,369 rental units available in October of 2011, down from the 3,397 units available in the City in the same month in 2010.
As for average rent, it has increased by 2.3% over the average rents charged in the same month in 2010.
Average rents:
ã
|
Type
|
Average rent Oct. 2010
|
Average rent Oct. 2011
|
|
Bachelor
|
$502
|
$518
|
|
1 bedroom
|
$592
|
$604
|
|
2 bedroom
|
$709
|
$726
|
|
3+ bedroom
|
$794
|
$800
|
Comments
Time to start squatting eh
Victoria Towers fire and non livable since then has helped with this.
I agree. The residents who no longer can live at the Victoria Towers had to find new accommodation elsewhere. Many of them are seniors on a limited income. The article should have mentioned this.
5% vacancy rate and the average two bedroom is 700? That seems awfully expensive for a market with a glut of empty units.
Landlord’s here think they’re in Calgary. A 30X60 shop in Nicolson Centre is 2400 a month. It has 3 120V plug-ins in the whole shop; no 240V. It has only 100 Amp service. The roof leaks. The lighting is archaic. Needless to say, there are many empty shop spaces there.
It says the apartment vacancy rate has dropped. Doesn’t that mean less apartments for rent, not more? Also when I used to rent at least 3 years ago you couldn’t find a 2 bedroom apt in a decent apt complex for less than $800.00/mnth. I have a hard time believing that $726.00 is the average now unless there are a huge percents of them that are slums and only charging about 3-400 per month.
Lotsa optimism out there. In the commercial sites tho. Ex-foam shop in College Heights. $6000 per month. Last time I checked. Gotta sell a lot of whatever to pay that much. Good luck with that.
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