The rental apartment vacancy rate in the Kelowna dropped 2.2 per cent this year, according to the Fall Rental Market Survey.
The survey – based on privately-initiated rental apartment structures of three or more units – was conducted by Canada Mortgage and Housing Corporation (CMA).
Lower vacancy rates for all bedroom types were recorded across the Kelowna CMA in October 2013 compared to October 2012, while the average rent for a two-bedroom unit increased by approximately $40 to $970.
“Increased demand . . . coupled with fewer additions to the stock of purpose-built rental apartments this year compared to last year were key factors contributing to lower vacancy rates in 2013,” explained CMHC Market Analyst Paul Fabri.
Other factors contributing to lower vacancy rates include: reduced competition from investor-owned rental housing, fewer renters moving to the home ownership market, increased employment in the Kelowna area, rising enrollment at the University of British Columbia Okanagan, and residents temporarily displaced from fire damaged apartment buildings.