Rental vacancy rates across Nanaimo and Parksville are inching in the right direction, but still short of what is considered an ideal situation. (Dreamstime)

By Alex Rawnsley

three per cent target

Rental vacancy rates in Nanaimo, Parksville inch closer to desired levels

Dec 18, 2024 | 12:06 PM

NANAIMO — New data from the Canada Mortgage and Housing Corporation (CMHC) is showing the mid-Island is inching closer towards housing targets, albeit slowly.

Released on Tuesday, Dec. 17, the corporation’s Fall 2024 Rental Market Report shows Nanaimo with an overall vacancy rate of 2.9 per cent as of October 2024, just under the target three per cent the City sets as a sustainable goal “to ensure there is sufficient rental units for those who need them.”

It’s an increase from 2.6 per cent in October 2023.

While bachelor and one bedroom suites remained relatively unchanged over the last 12 months, Nanaimo saw an increase in vacancies for both two bedroom apartments or townhouses (2.9 per cent, up 0.3 per cent year over year) and rentals with three or more bedrooms (1.3 per cent, up from zero).

Vacancy rates for rental properties in Parksville also saw a modest jump, however the community remains well below a three per cent threshold.

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Roughly 2.2 per cent of bachelor suites were vacant in October 2024, along with 2.1 per cent of one bedroom apartments or townhouses.

The biggest gain though was made in two bedroom rentals, going from 0.9 per cent to two per cent.

Provincially, the average vacancy rate ranges from 1.8 per cent for one bedroom apartments, to 2.2 per cent for bachelor and three-plus bedroom rentals.

Rent price increases varied wildly in both communities, as well as type of rental.

Bachelor suites rented for an average of $1,246 (up 9.9 per cent) per month, one bedroom rentals were $1,406 (up 6.9 per cent), two bedroom apartments or townhouses went for $1,775 (up 3.4 per cent) and three or more bedroom homes were available for an average of $1,826 (up 7.2 per cent).

Properties in Parksville rose an average of three per cent for two and three-plus bedroom rentals, to $1,544 and $2,105 respectively.

One bedroom suites changed less than a percentage point to $1,228.

Both Nanaimo and Parksville remained well below provincial averages for rent, ranging from $1,456 for a bachelor suite to $2,474 per month for a three or more bedroom home.

According to the CMHC, the national average vacancy rate rose to 2.2 per cent in 2024, up from 1.5 in 2023 but below the ten year average of 2.7 per cent.

The full report, with extensive data and analysis on major metropolitan areas and national trends, is available on the CMHC website.

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