Rent prices fall in Prince Rupert says study

The Canada Mortgage and Housing Corporation released 2018 rent stats for B.C.

Average rent prices have gone down in Prince Rupert over the past year, a recent study by the Canada Mortgage and Housing Corporation (CMHC) says.

READ MORE: Average rent increased by $132 in Prince Rupert

The CMHC surveyed tenants in 28 different B.C. cities with populations over 10,000 to document changes in rent, vacancy rates, apartment availability and other trends between October 2017 and 2018.

Over that period, the average rent in a townhouse or private apartment dropped from $866 to $850 in Prince Rupert. This decrease bucked the trend in the Northern B.C. as renters in Terrace and Prince George all experienced increases over the same period.

average rents in Prince Rupert vs Other Cities
Infogram

The decrease was caused by the large number of two-bedroom apartments in Prince Rupert that charged less overall for rent in 2018 than in 2017. There are currently 400 two-bedroom apartments in Prince Rupert, compared to 59 bachelor apartments, 286 one-bedroom apartments and 183 three-bedroom apartments.

Judy Park, a property manager in Prince Rupert with Tinker Realty, said a lot of those two bedroom properties usually have long term tenants living in them with lower rents that have remained steady over time.

“We’ve got long term tenants, especially when the oil and gas happened a few years ago, where we had very few people moving because if they moved they knew they would have to pay a lot more rent than what they were paying,” Park said. “So for us, we haven’t had a lot of turnover because people having been staying where they are.”

Rent prices in two-bedroom apartments decreased from $919 to $876 from Oct. 2017 to Oct. 2018. Renters paid $843 in Oct. 2018 for a one-bedroom apartment or townhouse suite, which is $34 increase over what similar living quarters cost in the same month last year. Bachelor and three-bedroom apartments also rose from $622 to $636 and from $887 to $894 respectively.

Rent comparisons between Terrace and Rupert
Infogram

Vacancy rates also decreased over the past year in Prince Rupert for one-bedroom apartments (3.6 per cent to 2.1 per cent) and three-bedroom apartments (3.4 percent to 3 percent) indicating that living space is still becoming less available (vacancy rates for bachelor suites were unavailable in the report). However, two-bedroom apartments bucked the trend once more, this time increasing (3.8 per cent to 5.7 per cent).

READ MORE: Rent continues to rise in Prince Rupert, drops in Terrace

The average rent in Prince Rupert increased by $132 in 2017. At the end of 2018’s first quarter, house values increase by 5.9 percent from 2017 in Prince Rupert.



newsroom@thenorthernview.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

North Coast home-grown ice talent Carly Edwards from Haida Gwaii and Prince Rupert takes centre ice on TV competition show Battle of the Blades Wednesday nights at 8 p.m., with her partner NHL partner Chris Versteeg. (Photo supplied)
Local figure skater spotlights on TV show’s center ice

Prince Rupert’s Carly Edwards is featured on TV competition show Battle of the Blades

A deer was spotted in October 2020 in Prince Rupert, B.C., with a bright pink yoga ball stuck in its antlers. (Kayla Vickers/Chronicles Of Hammy The Deer Official Page)
PHOTOS: Hammy 2.0? Prince Rupert deer spotted with bright pink yoga ball stuck in antlers

The BC Conservation Officer Service is aware of the deer roaming around the city

B.C. Ferries is still providing ferry service between Tsawwassen and Victoria, 60 years later. (File - Black Press Media)
Ferry sailings cancelled for Oct. 29th and 30th

BC Ferries announces technical difficulties on Northern Expedition

Technical difficulties with the recording and broadcast of the Oct. 26 Prince Rupert City Council meeting mean residents were unable to watch on TV or online happenings in the meeting. (The Northern View file photo)
Technical difficulties leave public unable to access City Council meeting

Summary brief of Prince Rupert City Council meeting

Requests for proposals for the first stage of a water treatment facility project have been issued by the City of Prince Rupert on Oct. 26. (Photo: K-J Millar/The Northern View)
Water treatment facility project in Prince Rupert enters first phase

Prince Rupert seeks proposals for assessment of water quality supply and treatment options

A woman wears a face mask and plastic gloves while browsing books as a sticker on the floor indicates a one-way direction of travel between shelves of books at the Vancouver Public Library’s central branch, after it and four other branches reopened with limited services, in Vancouver, on Tuesday, July 14, 2020. (THE CANADIAN PRESS/Darryl Dyck)
B.C. reports 234 new COVID cases, 1 death of senior who had attended small birthday party

Roughly 5,700 people are isolating due to being exposed to a confirmed case

Burnaby RCMP responded to a dine-and-dash suspect who fell through a ceiling in March 2020. (RCMP handout)
VIDEO: Suspected dine-and-dasher falls through ceiling of Burnaby restaurant

A woman believed to be dashing on her restaurant bill fell through the kitchen ceiling

A can of Canada Dry Ginger Ale is shown in Toronto on Thursday Oct. 29, 2020. The maker of Canada Dry Ginger Ale has agreed to pay over $200,000 to settle a class-action lawsuit launched by a B.C. man who alleged he was misled by marketing suggesting the soda had medicinal benefits. THE CANADIAN PRESS/Joseph O’Connal
B.C. man’s lawsuit over marketing of Canada Dry ginger ale settled for $200K

Soda’s maker, Canada Dry Mott’s Inc., denied the allegations and any liability

Vancouver Island-based Wilson’s Transportation has expanded to fill some of the routes left unserviced by Greyhound as of Nov. 1, 2018. (Black Press files)
B.C. bus companies say they need help to survive COVID-19

Like airlines, motor coaches have lost most of their revenue

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

RCMP. (Phil McLachlan - Black Press Media)
Kelowna Mountie hit with 2nd lawsuit in 2 months for alleged assault

Const. Julius Prommer is accused of breaking a woman’s knee during while responding to a noise complaint

Hirdeypal Batth, 24, has been charged with sexual assault and forcible confinement in relation to an incident in August 2020. (VPD handout)
Man, 24, charged with sex assault after allegedly posing as Uber driver in Vancouver

Investigators believe there could be more victims outside of the Vancouver area

B.C. Premier John Horgan and Washington Gov. Jay Inslee arrive for annual Cascadia conference in Vancouver, Oct. 10, 2018. They have agreed to coordinate the permanent switch to daylight saving time. (B.C. government)
B.C. still awaiting U.S. approval to eliminate daylight saving time

Clocks going back one hour Nov. 1 in Washington too

Prime Minister Justin Trudeau shakes hands with US Vice-President Joe Biden on Parliament Hill in Ottawa on Friday, December 9, 2016. THE CANADIAN PRESS/ Patrick Doyle
A Biden presidency could mean good news for Canadian environment policy: observers

Experts and observers say even a U.S. outside the Paris agreement may ultimately end up in the same place

Most Read