Edmonton vacancy rate puts squeeze on renters

(CBC) - Edmonton's apartment vacancy rate has fallen from 4.5 per cent to 1.5 per cent in the past six months, making it tougher to find a place to rent.

Commercial real estate company CB Richard Ellis surveyed over 30,000 apartments and found only about 500 vacancies.

Vice-president Paul Gemmel expects the rental market will only get tighter.

"The general economy is so strong. There's no new rental being built, it's not affordable, you can't build these things and make sense out of them," he said.

"I think we're going to see a real tight market here for the next several years."

After years of stability, rents have taken a 13 per cent jump. The average one-bedroom now rents for about $650 dollars a month.

Calgary's vacancy rate is 1.6 per cent.

© the CBC, 2006