Finding a place to rent around Victoria continues to get harder, according to the latest data from the Canada Mortgage and Housing Corporation.
Their latest survey says the vacancy rate for purpose built rental units was down to 0.5% in October, from 0.6% the year before. Trying to find cheaper bachelor suites was even harder with a vacancy rate in that category down to 0.4%.
CHMC points out some new apartments have been created, but that was offset by older units being removed for renovations. James Bay stood out as seeing a large number of apartments disappear because of renos.
On the other end of the spectrum, the West Shore managed to add a number of new rental units.
Rents are up 5.5% compared to last year, hitting an average of $994 dollars per month.