The City of Lloydminster has seen the largest drop in rental vacancy in all of Saskatchewan. The Canada Mortgage and Housing Corporation says 17.4 per cent of rental units were sitting empty last month, down from 25.4 per cent in October 2016.
“Economic conditions kept vacancies elevated,” the recent rental report reads. “The growth in rental demand in Lloydminster more than outpaced the minor increase [in] rental supply.”
Across Saskatchewan, the vacancy rate was unchanged at 9.3 per cent. CMHC says the average rent for an apartment was also unchanged at $975.
“The stability in the vacancy rate is attributed to increased rental supply keeping pace with growing rental
demand.”
Lloydminster is above the average, with the average rent for an apartment at $996. Looking at a two-bedroom apartment, the average is reportedly $1,017, essentially unchanged from 2016.
The Border City’s apartment turnover rate is 33.5 per cent, below than the provincial average. CMHC only started tracking those numbers in 2016.