City vacancy rate up slightly this fall

The rental apartment vacancy rate in Greater Sudbury was 4.2 per cent in October, up from 3.4 per cent in the same period last year, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"The rental market in Greater Sudbury continued to ease for the second consecutive year due to higher vacancy rates," said Jawad Ahmad, CMHC's Market Analyst for Greater Sudbury. "The factors contributing to the increase in vacancy rates include slower net migration, slower student demand for purpose-built rental units and high proportion of 15-24 year age group employed in part-time jobs with low incomes."

The average two-bedroom apartment rent increased by 1.6 per cent in Greater Sudbury this year.

The apartment vacancy rate across the city increased from the previous year. The lowest vacancy rate, at 2.1 per cent in October, was in the South End.