Both rents and vacancy rates have been on the rise in Prince George, according to a Canada Mortgage and Housing report issued this week.
Over the course of the year ending in April, the average rent rose by $16 to $568 per month for a bachelor suite, by $20 to $656 for a one bedroom, by $16 to $782 for a two bedroom and by $4 to $881 for a three or more bedroom.
Conversely, the vacancy rate rose to 8.1 per cent from 5.1 for bachelor suites, to 5.5 from 5.1 for one bedrooms, to 4.3 from 3.2 for two bedrooms and to 6.0 from 4.8 for three or more bedrooms.
Likewise, the availability rate rose to 9.5 per cent from 7.5 for bachelors, to 7.4 from 6.7 for one bedrooms, to 5.9 from 4.3 for two bedrooms, and to 7.8 from 6.7 for three or more bedrooms.
The availability rate is a broader measure of rental supply than the vacancy rate because it takes into account rental units that are either vacant or for which notice has been given. The total number of bachelor suites in Prince George declined by five to 252, while the number of one bedrooms rose by 21 to 1,063, the number of two bedrooms declined by 41 to 1,510 and the number of three or more bedrooms rose by 16 to 391.
Looking at rental row housing, in which all units are ground oriented with vertical divisions, the average rental rate rose by $16 to $567 for a bachelor, by $20 to $663 for a one bedroom, by $16 to $794 for two bedroom and by $5 to $912 for a three or more bedroom.
Vacancy rates rose to 9.0 per cent from 5.1 for bachelors, to 5.4 from 4.9 for one bedrooms, to 4.1 from 3.3 for two bedrooms and to 4.7 from 4.1 for three or more bedrooms.
Availability rates rose to 9.8 per cent from 7.3 for bachelors, to 7.3 from 6.5 for one bedrooms, to 5.6 from 4.2 for two bedrooms and to 6.6 from 6.2 for three or more bedrooms.
The total number of bachelor suite row houses in the city declined by five to 256, while the number of one bedrooms rose by 21 to 1,118, the number of two bedrooms declined by 42 to 1,652 and the number of three or more bedrooms rose by 17 to 597.
