The cost of renting a private apartment in Chilliwack has risen again in 2020, but not as sharply as in previous years.
Statistics released by the Canada Mortgage and Housing Corporation (CMHC) Rental Market Survey show that the average rent for all apartment sizes is $965, up just $16 per month from to 2019, when it was $949.
Apartment rentals jumped $78 from 2017 to 2018 and $51 last year, making this year’s rise seem modest by comparison.
Rental inventory hasn’t changed much over the past 12 months, but if you were renting an apartment with more than three bedrooms, more available units proved beneficial.
There were 65 such apartments rented in 2020, nine more than in 2019, and they rented on average $164 less.
Everything else increased, with the average rent for a studio increasing by $26 (from $734 to $760), the average rent for a one-bedroom apartment increasing by $24 (from $831 to $855) and the average rent for a two-bedroom apartment increasing by $29 (from $1,081 to $1,110).
Vacancy rates have remained stable, except for studio apartments, which were almost impossible to find the previous three years, but which had a vacancy rate of 2.8% in 2020.
The vacancy rate for one-bedroom apartments was 1.1%, the same as last year. The vacancy rate for two-bedroom apartments was 1.8%, down from 1.5% in 2019. CMHC statistics did not show the vacancy rate for three-bedroom apartments .
chilliwack rental market