CMHC: Huge Drop in Lethbridge Rental Vacancy Rate to 5.1%

Finding a place to rent in Lethbridge is getting tougher. The city's vacancy rate has falling to 5.1% from 8.5% in the past year alone.

Lethbridge has seen a large decrease in the city's overall rental vacancy rate in the past year. Canada Mortgage and Housing Corporation (CMHC) says the vacancy rate here has fallen to 5.1% with the average rent for a place sitting at around $898 a month. Market Analyst Timothy Gensey says improved economic conditions and a jump in population, have supported rental demand growth in Lethbridge and in turn, reducing vacancy rates across the city. At this time last year, the Lethbridge rental vacancy rate was way up at 8.5% which was one of the highest in the past decade here. CMHC says, "In addition to renters that are part of the workforce, demand for rental units have also come from students attending Lethbridge’s post-secondary institutions. Enrolment at the University of Lethbridge has been strong over the last couple of years. While student housing is available, many students still look to rent in the purpose-built rental market." - Pat Siedlecki

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