Finding a place to rent in Regina is even more difficult this year than it was last year. Privately owned apartment vacancy has dropped in half from 2008 to 2009 according to the CMHC and is down to 0.7%. Rental rates in Regina have also increased from $718/month on average for a 2 bedroom condo in Regina in 2008 to $786/month this year for the average 2 bedroom apartment.
One of the main reasons for the rental increase and the tightening of Reginas rental market is due to the strong employment growth. This has brought more people to Regina and means a tighter supply of rentals in Regina.
Elsewhere in the province apartment vacancies have increased to 1.7% from 1.2% last year and some of that increase has to do with the ability for people to buy houses for sale in Saskatchewan.
Rents for all types of apartments are on the rise in Regina from 2008.
In contrast, in Saskatoon our rental market is easier to get into this year which also has to do with the ability for first time home buyers in Saskatoon to purchase houses for sale in Saskatoon. Houses for sale in Saskatoon are at a high right now and it is still, generally speaking, a buyers market in Saskatoon.
If you are interested in buying a house for sale in Saskatoon or buying a house for sale in Regina or any of the surrounding areas, do not hesitate to contact me. I deal with Saskatoon real estate however I can recommend great realtors in Regina for you to work with there.
Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.