October 2013 Rental Market in Saint John

MONCTON, NEW BRUNSWICK--(Marketwired - Dec. 12, 2013) - The rental apartment vacancy rate(1) in the Saint John Census Metropolitan Area (CMA) was 11.4 per cent in October, 2013, up from 9.7 per cent in October, 2012 according to the Fall Rental Market Survey released today by Canada Mortgage and Housing Corporation.

"Despite modest levels of rental market construction activity in Saint John in recent years, the vacancy rate remained on an upward trend in the fall of 2013 as out-migration weakened demand for rental units," 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 surveys(2), the average two-bedroom rent increased by 0.8 per cent in Saint John City Proper.

The apartment vacancy rate for most of the individual zones in the Saint John CMA increased from the previous year. In Saint John City proper, the vacancy rates by sub-market varied between 8.8 and 12.5 per cent. In the outlying areas of the CMA, the vacancy rate in the fall of 2013 stood at 12.5 per cent.

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

(2) Year-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.

Additional data is available upon request.

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A table is available at the following link: http://media3.marketwire.com/docs/917257e.pdf.