October 2013 Rental Market in Moncton

MONCTON, NEW BRUNSWICK--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate¹ in the Moncton Census Metropolitan Area (CMA) was 9.1 per cent in October, 2013, up from 6.7 per cent in October, 2012, according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Above average supply levels in the rental market combined with limited migration gains, have resulted in upward pressure on the local vacancy rate," said Claude Gautreau, CMHC's Senior Market Analyst for New Brunswick.

On the basis of a sample of structures common to both the 2012 and 2013 surveys², the average two-bedroom rent increased by 2.0 per cent in Moncton.

The apartment vacancy rate in most zones in the Moncton CMA increased from the previous year. The lone exception was in the Town of Riverview, where the vacancy rate declined to 4.3 per cent in the fall of 2013. The vacancy rates climbed in both Moncton City and Dieppe City, rising to 9.7 and 9.3 per cent, respectively.

Rental Market data is also available in English and French at the following link:
CMA Rental Market Report

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

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¹The survey is based on privately-initiated rental apartment structures of three or more units.

²Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focusing on structures existing in both the October 2012 and October 2013 surveys provides a better indication of actual rent increases paid by tenants.

To view the table associated with this release, please visit the following link: http://media3.marketwire.com/docs/917255e.pdf

Additional data is available upon request.

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