St. Albert’s apartment rental rates remain relatively stable and unchanged since last fall, which reflects the general trend across the Capital region.
According to the Canada Mortgage and Housing Corporation spring survey, the vacancy rate in the Edmonton area remains unchanged for sample two-bedroom apartments. The corporation lists the average Edmonton two-bedroom for rent at $1,040.
CMHC statistics show a general vacancy rate decline throughout the province. The fact that fewer apartments are available shows the economy is improving, said Richard Cho, senior market analyst.
“Apartment vacancy rates declined in four of Alberta’s largest population areas after experiencing the highest apartment vacancy rate across Alberta one year ago. A rebound in drilling activity contributed to the decline,” he said, adding that as the apartments begin to fill, rents are likely to go up.
“The increase in rental demand in the area is directly related to improved job opportunities, which are attracting more people to the region. The upward pressure on rents will likely push rents up,” Cho said.
St. Albert’s rents were not separated out in this survey but instead were incorporated into the overall average for the region.
A CMHC rental survey from last fall listed average St. Albert apartment rents at $851 for a one-bedroom, $995 for a two-bedroom and $1,004 for a three-bedroom.
A quick phone survey by the Gazette Friday of larger St. Albert apartment complexes suggested these averages are still accurate. Most apartment managers confirmed their complexes remain full or nearly full.
The fall survey listed the vacancy rate for all St. Albert housing units at 2.3 per cent. No statistics are available to prove how many units are currently available, but the Gazette’s survey showed only a handful of apartments are available.
The vacancy rate for the entire province for April was listed as 4.7 per cent.