Monday, December 17, 2012

Nanaimo Rental Vacancy Rates Oct. 2012

 Nanaimo Vacancy Rates Increase
Oct. 2011 - 2012
6.3% - 6.7%

The following information is taken from the CMHC Rental Market Report released in the Fall of 2012. As with all statistics they are seldom easy to interpret the underlying causes, however, the fact that the vacancy rate in Nanaimo has edged up from 6.3% in Oct. 2011 to 6.7% in Oct. 2012 likely means one of three things, people have left the area, people have purchased houses and no longer are in the rental market or there has been an increase in available rental units. This vacancy rate bodes well for renters as lower rates should be available to reliable renters willing to negotiate.



Map Showing Vacancy Rate Changes Oct. 2012 Compared With Oct. 2011


The dark blue bar shows vacancy rate for Oct. 2012 and the light grey bar shows the vacancy rate for Oct. 2011.

Follows are some more statistics relating to the Nanaimo Apartment Rental Market taken from the same study.

Total Number of Private Apartment Units & Vacancy and Rent in $.
(Note Vacancy % is 2011/2012 stats expressed in %, Rents 2010/2011 in $)

  • Bachelor 240 units, 7.3% /2.9% $538 / $547
  • One bedroom 1612 units 5.3% / 5.6% $661 / $665
  • Two bedroom 1325 units 7.6% / 9.0% $802 /  $795
  • Three + Bedrooms 127 Units 3.9% / 5.5%  $955 / $960
  • Total all categories 3304 units 6.3% / 6.7%
Note: the only apartments to not have increased vacancies were the Bachelor units with 1, 2 & 3 bedroom units all showing an increased vacancy rate. Rental rates in $ show very modest increases with the exception of 2 bedroom units which showed a slight decrease.

Total Private Row (Townhouse) Units & Vacancy Rates and Rent in $.

  • Bachelor 6 units no other data available
  • One Bedroom 19 Units  10.5% / 5.3%   $656 / $693
  • Two Bedroom 132 Units  9.6% / 8.3%  $841 / $863
  • Three Bedroom 61 Units 8.2% / 18.0%  $978 / $986
  • Total in all categories 218 units 9.5% / 10.6%



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