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Home / News / Terrace vacancy rate increases, but so does rent

Terrace vacancy rate increases, but so does rent

The latest rental market survey from Canada Mortgage and Housing shows that more places are available to rent in Terrace.

The city’s overall vacancy rate in April of this year stood at 4.1 per cent compared to 0.8 per cent 1 year ago.

CMHC BC Regional Economist Carol Frketich says there could be a number of factors at play, including new units.

While it may be easier for people to find a place to rent, it’s not getting any cheaper.

Frketich says the average rent for a two-bedroom unit in Terrace was $845.00 a month this April, up ten percent compared to a year ago.

The average rent for a two-bedroom apartment in BC went up three percent from April of 2014 to April 2015 while the vacancy rate for dropped from 2.4 percent to 1.8 percent.

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