Penticton sees sharp drop in rental vacancy rate

Photo: Contributed

A new report from the Canada Mortgage and Housing Corporation shows a sharp drop in the number of available rentals in town, as the cost per unit continues to climb.

According to the report, Penticton's rental vacancy sits at 1 per cent, down from 2.1 per cent in 2019.

The average monthly rent went up year over year, sitting at $1,070 in 2020 versus $1,040 the year before.

That breaks down to an average $721 per bachelor suite, $920 per one-bedroom, $1,188 per two-bedroom and $1,481 per three-bedroom.

The national vacancy rate rose to 3.2 per cent while the provincial rate is 2.4 per cent, up from 1.5 in 2019.

Penticton has 2,546 rental units according to the report, a number that stayed steady year over year.