Fewer vacant apartments and higher cost of rent in North Bay

The cost of rent is up in North Bay while the apartment vacancy rate is down.

The Spring Rental Market Report from Canada Mortgage and Housing has been issued.

The report looks at private structures with three or more apartments and shows that the vacancy rate in North Bay is 3.4 percent.

That’s down from 5 percent in April 2014.

Across Ontario, the vacancy rate was also down, but not as much as locally. It fell to 2.5 percent, down 0.3 percent from last spring.

In terms of the cost of rent, the biggest increase in North Bay was for bachelor apartments.

They jumped $65 to $550 a month. A three-plus bedroom place is now $1,131, up $18 from last spring.

The total average rent is up to $838 per month. That’s an increase of $25.

Canada Mortgage and Housing releases their Rental Market Report twice a year..