Average rents up, vacancy and availability down
CMHC has released it’s most recent housing stats for New Brunswick.
Average rents in Saint John for Two Bedroom units have gone up 6.5% from $604 to $643 from April 2008 to April 2009. Vacancy went down from 4.3% to 4.0% in the same period. Availability rates also went down.
Even with lower vacancy rates and availability rates, the average rents in Saint John are still lower than in Fredericton and Moncton – likely due to the low end rental units that make up a big part of the Saint John market.
I wonder what story would be told by analyzing median rents.
3 comments:
I think a large part of the reason rents in Fredericton are higher is simply the amount of students coming in and the low vacancy rate.
As far as Saint John goes, I have noticed a significant difference in rental prices from what they were when I moved here five years ago. It also seemed (when I was looking for a new apartment in April) that there were less units on the market and that units were going more quickly.
Low vacancy and availability may also indicate more people moving to the area.
I hate the high rental prices! but it seems I do not have many choices. I am curious that why the prices of food and rent are still increasing even in this economic recession.
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