{"id":37,"date":"2014-06-11T15:29:11","date_gmt":"2014-06-11T21:29:11","guid":{"rendered":"http:\/\/century21.brixwork.com\/blog\/?p=37"},"modified":"2022-03-05T10:01:51","modified_gmt":"2022-03-05T17:01:51","slug":"yellowknife-vacancy-rate-eases-to-5-3","status":"publish","type":"post","link":"https:\/\/www.century21yk.ca\/blog\/2014\/06\/yellowknife-vacancy-rate-eases-to-5-3\/","title":{"rendered":"Yellowknife Vacancy Rate Eases to 5.3%"},"content":{"rendered":"
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The CMHC released its bi-annual rental market statistics report<\/a> this morning and it brings good news for Yellowknife renters.\u00a0 The vacancy rate in townhomes and apartments has eased to 5.3%, a rate that we haven’t seen since the fall of 2009 – and then only briefly.\u00a0 This marks the sixth straight reporting period with increasing or steady vacancy (see table at the bottom of this post).<\/p>\n

It is very interesting to note that, according to CMHC’s report, the total number of rental units in our city declined to 1,928.\u00a0 We haven’t had this few rental units in town since 2007.\u00a0 The units haven’t disappeared, but some have been converted to hotel rooms while others have been taken off the market for renovations.\u00a0 There is also a third possibility – landlords may be choosing to take empty units off the market for renovations rather than letting them continue to sit empty.\u00a0 More empty units would push the vacancy rate even higher and would give renters more bargaining power.<\/p>\n

As mentioned in previous posts, Yellowknife’s trend of increasing rental vacancy is largely the result of a recent boom in condominium construction.\u00a0 Condo construction affects vacancy rates in two ways.\u00a0 It draws renters out of the rental market and into the home ownership market, and it creates competition for the rental market by increasing the number of privately owned condos that are rented out to tenants.\u00a0 Private rental units are not captured in the CMHC report.<\/p>\n

With so many options on the market, it should follow that rental rates in Yellowknife will slow their growth.\u00a0 Landlords should also be motivated to renovate their buildings in order to attract tenants.<\/p>\n

Don’t forget to follow us on Facebook<\/a> for more real estate market information.<\/p>\n

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Source: data taken from current and past CMHC Rental Market Statistics reports.<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The CMHC released its bi-annual rental market statistics report this morning and it brings good news for Yellowknife renters.\u00a0 The vacancy rate in townhomes and apartments has eased to 5.3%, a rate that we haven’t …<\/p>\n","protected":false},"author":3,"featured_media":38,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[62,54],"tags":[16,17,18],"class_list":["post-37","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-renters","category-market-analysis","tag-rent","tag-tenants","tag-vacancy"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t