The cost of renting a private apartment in Chilliwack increased 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 increase seem modest in comparison.
Rental inventory hasn’t changed much over the past 12 months, but if you rented an apartment with more than three bedrooms, more units available have proven to be beneficial.
There were 65 such apartments rented in 2020, nine more than in 2019, and they were renting an average of $ 164 less.
Everything else has gone up, with the average studio rent increasing by $ 26 (from $ 734 to $ 760), the average one-bedroom rent increasing by $ 24 (from $ 831 to $ 855) and the average rent. a two-bedroom apartment increasing by $ 29 (from $ 1,081 to $ 1,110).
Vacancy rates have remained stable except for studios, which were nearly impossible to find the previous three years, but which posted a vacancy rate of 2.8% in 2020.
The vacancy rate for one-bedroom apartments was 1.1%, similar to 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