Property renters are catching a break in Fort Saskatchewan.
Fort Saskatchewan rental prices dropped 3 per cent in 2017 and are projected to remain low due to the amount of rental properties available.
The Canadian Mortgage and Housing Corporation (CMHC) included Fort Saskatchewan in their 38 page rental market report for the year.
Right now the average rent in the Fort is $1,188. It equates to roughly a drop of $40 per month.
“The vacancy rates in Fort Saskatchewan increased from 8.9 per cent in 2016 to 12.8 per cent in 2017. That’s about 35 per cent year over year change in the vacancy rate,” said Mike Erickson, economic development officer with the City of Fort Saskatchewan.
He attributed the drop in rent and rise in vacancy to, the supply being up, relative to the demand.
He expects the vacancy rate to come down as workers start to arrive for some of the recently announced industry projects.
When compared to surrounding areas, Edmonton had an overall average rent of $1,101, which is down by 1.3 per cent. Edmonton’s vacancy rate went unchanged at 7 per cent.
St. Albert’s average rent was listed as $1,274, Strathcona County’s average rent was $1,339 and Leduc sat at $1,103.
These are private townhouse and apartment rental averages for 2017.
The full report can be found on the CMHC website.