The vacancy rate in Prince Rupert apartments dropped almost 10 per cent year-over-year, the sharpest decline experienced in the province.
Numbers from the Canadian Mortgage and Housing Corporation released on June 20 show the vacancy rate for apartments fell from 13.5 per cent last April to just 3.9 per cent this April, a drop of 9.6 per cent. The largest drop was in the availability of two bedroom apartments, which sits at 3.7 per cent compared to 16.7 per cent last April. The vacancy rate for bachelor apartments dropped from 13.1 per cent to 3.3 per cent, the vacancy rate for one bedroom apartments fell from 12.6 per cent to 4.9 per cent and the three bedroom vacancy rate sits at 1.4 per cent compared to 4.6 per cent last April.
The drop in vacancy came in spite of an increase in the number of apartment units in Prince Rupert, rising from 593 last year to 749 this year.
Prince Rupert's apartment vacancy rate is just below that of Terrace, which is at 4.1 per cent, and just above the provincial average of 3.5 per cent.
Going along with the drop in vacancy is an increase in the average rent, which rose from $624 last year to $662 this year. The average rent of a one bedroom apartment now sits at $621 compared to $582 and average rent for a two bedroom apartment rose from $691 to $745. While those two rents increased, the average rent for a three bedroom apartment fell from $630 to $617.
When townhouses are taken into consideration, the vacancy rate in town fell from 12 per cent to 3.6 per cent.
Last year Prince Rupert had the highest vacancy rate in B.C., this year that dubious distinction goes to Campbell River at 9.1 per cent.