Newfoundland Rental Market Vacancy Rates

June 12, 2009 · Filed Under CMHC Reports, St. John's Investments and St. John's Real Estate 

average newfoundland rentProvincially the rental market for Newfoundland is showing lower vacancy rates.  Currently we are sitting at 2% (down 1.2% from last year’s vacancy rate for 3.2%)

The St. John’s rental market posted a vacancy rate of 2.2 per cent versus 3.7 per cent last year.  This translates into 80 vacant units out of the 3,668 units surveyed (according to CHMC). With the local labour market remaining healthy, positive net-migration will continue to create rental demand and keep vacancy rates low.  As well, with higher housing prices (and expecting to continue to increase) many buyers are being pushed out of the housing market altogether.  The demand for for rental is expected to remain strong.  Great time to buy an investment property?

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Comments

2 Responses to “Newfoundland Rental Market Vacancy Rates”

  1. Duncan Rhoades on October 11th, 2009 12:10 pm

    Hi
    My name is Duncan and I live in BC. MY wife and I

    would like to explore buying an investment property in Newfoundland. We were thinking a rental house. What is a suggested growing area with a high rental demand. What are average rental prices for 2 and 3 bedroom homes or do you suggest something different?
    Thanks

  2. Stephen Winters on October 20th, 2009 3:03 pm

    Hey Duncan,

    Most areas of St. John’s and Mount Pearl are great for rentals. Your best solution would be a two apartment home (two units in the same property) You can rent the upstairs for $800 – $1100 and basement from $450 to $750 depending on the property.

    Hope this helps

    Steve

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