Rent up, vacancy down in Grande Prairie
The number of apartments available to rent in Grande Prairie is down, while the cost of renting has gone up. Canada Mortgage and Housing Corporation says the rental vacancy rate in the city has dropped from 4.9 to 3.6 per cent over the past year, as the average rent for a unit has increased from $951 to $1,056.
A bachelor or one bedroom apartment is reportedly the hardest to find in GP with vacancy rates of just under three per cent, while a place with three or more rooms is easiest to find with more than eight per cent available.
The average rent for a 3+ bedroom unit is said to be exactly the same as a two bedroom one at just over $1,120, while a bachelor runs an average of $806 and a one bedroom place $943.
The vacancy rate in Grande Prairie has dropped dramatically from two years ago. CMHC listed it as 19.8 per cent in October 2016. The rate is based on data from October through interviews with owners, managers, or building superintendents.
The private apartment turnover rate is 42.5 per cent, which is much higher than the provincial rate of 34 per cent. Alberta’s overall vacancy rate is 5.5 per cent, with average rent pegged at $1,117.