Rental prices shoot up, while vacancy rates hold firm in Nanaimo
NANAIMO — Rental vacancy rates remain tight in Nanaimo, while the cost of housing is noticeably more expensive.
The Canada Mortgage and Housing Corporation’s (CMHC) fall rental market report points to a 1.6 per cent vacancy rate in the Nanaimo area and a six per cent increase in rental costs to an average of $875 a month.
“There’s more people trying to rent and that’s brought the vacancy rates down and it’s been driving up the rents,” CMHC senior market analyst Braden Batch told NanaimoNewsNOW.
Batch noted a six per cent rise in rental rates is significant since increases only hovered in the one-to-two per cent range for several years previously in Nanaimo.