Biggest cities in Sask. have some of Canada's highest vacancy rates

Saskatoon and Regina are bucking a Canadian trend, with some of thehighest apartment vacancy ratesin the country, according to a recent report.

Saskatoon had the highest vacancy ratein Canada, at 9.6 per cent, in October.This comes after hitting a record high of 10.3 per cent in October 2016,according to an annual market survey by theCanadian Mortgage and Housing Corporation (CMHC).

Regina's vacancy rate increased to sevenper cent, up from 5.5 per cent.

Theaverage vacancy rate for purpose-built rental apartment unitsacross Canadian centres was three per cent, again according to CMHC.

Senior market analyst GoodsonMwale said the vacancy rate in Saskatoon declined due to stronger demand, despite rising supply in rental markets.

The high vacancy rate in Saskatoon has kept downward pressure on rental prices. The average rent in Saskatoon is down by 1.5 per cent to $999.

Demand for rental units in Regina "has continued to lag behind the expansion in supply," Mwalewrote, "which has pushed the apartment vacancy rate higher."

The vacancy rate in Regina has more than doubled since 2014. The high vacancy rate has limited rent increases.

Saskatchewan'soverall vacancy rate remainedunchanged at 9.3 per cent and theaverage rental pricein the province was$975.

Developers are stepping up their efforts to fill units, offering renters a variety incentives to sign a lease.

Dustin Halvorson, director of sales and business development at Altern Properties in Regina, said that in order to stay as competitive as possible, his company is offering new renters use of a clubhouse with pool tables andkitchen, plus discount cards for local stores.