Renters searching for a new apartment in St. Albert could have a tough time this winter because the vacancy rate is hovering at less than one per cent.
That means it’s harder to find an apartment to rent in St. Albert than anywhere else in the Metropolitan Edmonton area.
“The area with the lowest vacancy rate this fall was St. Albert at 0.5 per cent. Across Greater Edmonton the vacancy rate is 2.7 per cent,” said Canada Mortgage and Housing senior market analyst Richard Goatcher.
The tighter rental market allowed St. Albert landlords to increase rents by 2.8 per cent across the board for all apartment types. The biggest increase was seen in the average price asked for St. Albert’s two-bedroom units. Last year two-bedrooms in this city rented for an average of $995 per suite. This year the average rent is $1,034.
“That reflects what’s happening across Edmonton,” said Goatcher, who explained that two-bedroom apartments across the Metropolitan Edmonton area also rented for $1,034 per month.
The average rental price isn’t just supply and demand, however because other suburban areas with higher vacancy rates were commanding greater rents as well.
Strathcona County, for example, had an overall vacancy rate of 4.7 per cent, yet two-bedroom suites there were renting on average for $1,109. Leduc had an overall vacancy rate of 1.2 per cent but two-bedroom units were averaging $1,086 a month.
In the downtown Edmonton area, the vacancy rate for all apartment types was 3.2 per cent, but two-bedroom units were averaging $1,159 per month.
“That likely reflects the newer properties, especially the newer condo units, available in those communities. St. Albert’s rental universe is older,” Goatcher said.
The St. Albert Community Information and Volunteer Centre’s November survey shows that there are only 767 apartments of all types available, and most of those average 34 years or older.
“That’s not many apartments for a city with a population of 60,000,” said Doris Vandersteen, executive director of St. Albert Housing Society.
“No new St. Albert apartments have been built, except for seniors apartments, since the Heritage Lakes Co-operative was built 18 years ago,” she said.
The October CMHC Rental Report shows a zero vacancy rate for St. Albert townhouses. The average rent for a three-bedroom St. Albert townhouse is $1,227.
