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Rent and rental vacancy on the rise in Grande Prairie

The cost of rent continues to rise in Grande Prairie. According to the Canada Mortgage and Housing Corporation, the average rent for a two bedroom apartment has gone up five per cent to $1,216 dollars. It was $1,173 this time last year.

On the bright side, the vacancy rate in the city is also going up. 2.6 per cent of rental units are available, compared to 1.3 in April 2014 and zero-point-nine a year before that.

Province-wide, the changes are similar, with the vacancy rate increasing from 1.8 to 3.4 per cent, and rent rising almost five per cent as well. The weaker economy, slower migration, and an increase in rental units is reportedly to blame.

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