Vacancy rates are down in North Bay while the cost of rent is up.

That information is found in the latest Rental Housing Market report from Canada Mortgage and Housing.

The total vacancy rate dropped from 2.7 percent in October 2017 to 1.6 percent this year.

The report also shows the cost of rent was up across the board, from $14 more a month for a one bedroom apartment to over $40 more a month for two and three bedrooms.
– Bachelor increased from $578 to $600.
– One bedroom increased from $759 to $773.
– Two bedroom increased from $919 to $964
– Three bedroom + increased from $1,134 to $1,177

In terms of the number of apartments in North Bay, there were more year-over-year.

CMHC says there 3,052 total apartments this past October.

That’s up 14 from the same month in 2017.

 

Photo courtesy Pixabay.com

Filed under: north-bay, rental-market-report