Greater Sudbury?s vacancy rate for rental structures with at least three units during the month of October fell to 3.6 per cent, down from 5.1 per cent in October of 2002, according to Canada Mortgage and Housing Corporation figures.
It?s the fourth straight year the vacancy rate has fallen in Sudbury after it peaked at 11.1 per cent in 1999.
?The presence of College Boreal, Cambrian College and Laurentian University, combined with this year?s double cohort of students has meant greater demand for off-campus housing this fall,? said Warren Philp, Northern Ontario market analyst for CMHC in a press release.
?This effect plus decreased out-migration and more jobs in retail and call centres have helped the rental market.?
Sudbury?s vacancy rate was second highest in Canada for the last two years, but this year it has fallen to number six among major urban centres.
Rental rates moved up again in 2003, but not as strongly as last year. The average price for a two bedroom unit is now pegged at $651, up from $647 last year. The rate for one bedroom units jumped 2.1 per cent to $524 from $513.
The Lockerby neighbourhood continues to have the lowest vacancy rate in Greater Sudbury, with only 1.6 per cent vacancy, which is slightly lower than figures in New Sudbury.