Here's how much rent will cost the average tenant in Regina
Rising rent costs and limited options are making it challenging for Regina renters to find the right place to settle into.
The average two-bedroom rent in Regina rose 3.3 per cent to $1,186 in 2022, according to a rental market report released by Canada Mortgage and Housing Corporation (CMHC).
Monthly rent for a two-bedroom condo apartment was even higher, rising 14.7 per cent to $1,467, CMHC said.
“Landlords often increase rent to current market levels when a tenant leaves a unit. Some landlords upgrade units between tenants so they can charge higher rents to new tenants,” CMHC said in the report.
“These higher rents increased affordability challenges for renters who are trying to enter the market or find new housing.”
Falling vacancy rates are also contributing to rent increases, according to CMHC.
Regina’s rental vacancy rate dropped to 3.2 per cent in 2022, which is down from the five-year average of seven per cent and the lowest rate since 2014.
The national average dipped to 1.9 per cent in 2022.
The downtown, university, Lakeview and Albert Park areas have the lowest vacancy rates in the city, according to the report.
CMHC said demand outpaced supply in 2022 as last year saw some of the highest levels of migration into Saskatchewan.
Migration coupled with the economy’s return to pre-pandemic levels and an increase of in-person activities contributed to the rising occupancy rate of rental apartments.
According to CMHC senior market analyst Anita Linares, high inflation rates are also forcing more people out of the housing market and into the rental market.
“Some people may not be able to afford down payments, not able to afford mortgage payments and they are being pushed into the rental market,” Linares said.
“It’s kind of like a balloon. You squeeze one area and it pushes into another.”
According to CMHC, there were 191 additions to Regina’s rental supply. However, due to the demolition and renovation of older rental stock, the increased supply was not enough to meet demand in the fourth quarter of 2022.
“We’ve seen a decrease in the rental market universe for the second year in a row,” Linares said.
“It’s highlighting the need and awareness that there is a supply issue within Regina.”
Linares said this should be a signal for all levels of government to intervene and address the supply issues.
She said these rental market trends are likely to continue into 2023. However, as interest rates are expected to decrease by the end of the year, she said renters will hopefully see “an easing in the market.”
CTVNews.ca Top Stories
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
Shivering for health: The myths and truths of ice baths explained
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
Manitoba mom praises quick-thinking fire department for freeing daughter stuck in playground equipment
A Manitoba mother is praising firefighters for their quick work in helping her daughter who got stuck at a playground in Lorette, Man.
The Body Shop Canada explores sale as demand outpaces inventory: court filing
The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.