Prince George is faring decently when it comes to affordable housing.
Based on recent data from the Canada Mortgage and Housing Corporation, the average rent in the city for a two bedroom apartment was recorded at $754, though they forecast that to rise to $765 next year.
Market Analyst Serena Teakles compares that to other similar markets in the province.
“Comparing that to communities such as Terrace or Kamloops, you’d be looking at $751 in Terrace, so almost the same price, but you’d be looking at something a little more expensive if you go to Kamloops where it’s $858 a month,” Teakles says.
A rising cost of rent also has an effect on the vacancy rate in the city, according to Teakles, who says people will stay in rental accommodations longer if renting prices swell.
“Terrace has one of the lowest vacancy rates in BC at the moment at .8% and that really speaks to the industry growth that’s happening up there,” she says. “If we look at Kamloops, we’re going to see a bit of a different story the vacancy rate actually increased to 5.1%.”