CMHC has released their fall 2013 rent report indicating a hot rental market and employment growth for the Edmonton region.
In the Edmonton Census Metropolitan Area (CMA), the apartment vacancy rate declined to 1.4 percent in October 2013, down from 1.7 per cent a year prior. This represents the fourth consecutive year that the apartment vacancy rate declined in Edmonton. Although the rental universe increased since October 2012, stronger demand for rental units outpaced the growth in the purposebuilt rental market. Employment growth and elevated levels of migration have supported increased rental demand in 2013, contributing to the decline in vacancy. Average employment is on pace to increase 2.8 per cent in 2013, helping to attract a record 27,000 net migrants.
The apartment vacancy rate declined or remained relatively stable year-over-year in most areas of the Edmonton CMA. The vacancy rate in the Edmonton CMA in October
2013 ranged from 0.3 per cent in Edmonton’s South West and Strathcona County to 3.8 per cent in North Central Edmonton. Stony Plain recorded the largest decline in the vacancy rate, down from 4.0 per cent in October 2012 to 1.4
per cent in October 2013.
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