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2013 Sudbury Rental Report

aptforrent     The latest Rental Market Report was issued late last fall, and showcased some interesting stats for the Sudbury region. The vacancy rate increased from 2.7% in 2012 to 3.4% in 2013, which means that Sudbury renters have more choice! One bedroom apartments are the most desirable in the market at this time, through there is a growing demand for three bedroom apartments. The average cost of rent has essentially stayed the same, increasing from $914 to $915 over the year. However, the year before (2011-2012) saw a 4.8% increase! Hopefully, we can stay around this level as the national average is $901, we’re not that far off!

 

And at least we’re not Vancouver, where the average rental cost is $1522! You can lease a three bedroom apartment in Montreal for the price of a bachelor in Vancouver!

Overall, the numbers for this year are looking good! According to Jawad Ahmad, CMHC’s Market Analyst for Greater Sudbury, “The rental market in Greater Sudbury offered renters more choices due to higher vacancy rate and stable rents. On the one hand, weaker employment conditions for young adult households combined with negative net migration led to lower rental demand. On the other hand, more rental households moving to homeownership increased the number of units available for rent. Together these demand and supply factors led to a softer rental market.”

See the report here.

 

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