By the numbers: COVID-19 is having an effect on Sask.'s rental market
COVID-19 had an effect on Canada’s — and Saskatchewan’s — rental market last year.
Nationally, the market saw a drop in turnover rate in 2020 compared to the previous year, likely a result of people being reluctant to search for, visit and move to new apartments during the pandemic. At the same time, rental arrears — rent not paid on time — increased.
Those are some of the findings of the Canadian Mortgage and Housing Corporation (CMHC)’s 2020 rental market report, which was released last week.
Here are some of the key numbers from that document.
14: The percentage of rental dwellings nationally that saw a new household between October 2019 and October 2020 (also referred to as the turnover rate). That represents a 17.3-per-cent drop compared to the period between October 2018 and October 2019 and is the largest variation in this data since the CMHC started collecting it in 2016.
26: The turnover rate for private apartments in the Saskatoon Census Metropolitan Area between October 2019 and October 2020. The Saskatoon CMA includes units in Corman Park, Martensville, Warman. This is down from 34.5 per cent for the period a year earlier.
27.9: The turnover rate for private apartments in the Regina Census Metropolitan Area between October 2019 and October 2020. The Regina CMA includes units in communities such as the Rural Municipality of Edenwold, White City, Pilot Butte and Lumsden. This is down from 37.7 per cent for the period a year earlier.
6.11: The percentage of apartment units in arrears nationally, out of 1,912,290 units.
2.89: The percentage of apartment units in arrears in the Saskatoon CMA. This represents 445 out of 15,410 units.
6.6: The percentage of apartment units in arrears in the Regina CMA. This represents 983 out of 14,808 units.
$1,166: The average monthly rent for a two-bedroom apartment in the Saskatoon CMA, up 3.3 per cent from $1,129 in 2019.
$1,152: The average monthly rent for a two-bedroom apartment in the Regina CMA. Across all rental types, the average rent is up 0.5 per cent.
5.9: The Saskatoon CMA vacancy rate, which is unchanged from 2019. Only two-bedroom suites reported an increase in apartment vacancy rate, after a significant increase in supply, the report notes.
7.5: The Regina CMA vacancy rate, which is unchanged from 2019. “Despite growth in the apartment rental universe of 248 units over the past year, higher demand for apartment rentals kept the overall occupancy rate relatively unchanged, leaving the apartment vacancy rate in the Regina CMA stable,” the report says.