Rent is up, vacancy rates are down locally

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

That information is found in Canada Mortgage and Housing Corporation’s 2017 Rental Market Housing report.

The vacancy rate comes in at 2.7 per cent in October, down from 4.1 per cent the year before.

Rent, meantime, was up $7 to $12 in all apartment types.

Average rent locally was $868, which is below the national average of $947.

There were 3038 private apartment units in October, down 11 from the year before.

Nationally, the vacancy rate dropped from 3.7 per cent to 3.0 per cent.