The rental market is getting smaller in Edmonton, with fewer rental options currently available compared to last year, according to a recent Canadian Mortgage and Housing Corporation (CMHC) report released Thursday.
Edmonton has the second lowest rental vacancy rates in the country this past October, with an overall 1.4 per cent vacancy rate, down from last year’s 1.7 per cent vacancy figures. Calgary leads with a one per cent vacancy rating.
Housing officials said a growing employment rate and migration to Alberta’s capital city all account for the shrinking rental market.
“When these people are moving into Edmonton, they’re bringing with them a demand for housing which is why we’re seeing higher demand on the rental market,” said Christina Butchard, senior market analysis for CMHC.
Despite Edmonton’s changing rental market, University of Alberta student housing officials said there has always been a constant demand for housing near the university campus.
“Our particular demand for student housing has never been affected by the city’s vacancy rate even in times there was a lot of vacancies in the city. Demand has been very, very high,” said Doug Dawson, executive director of ancillary services with the university.