THUNDER BAY — It got more difficult to find an apartment to rent in Thunder Bay in 2019.
Canada Mortgage and Housing Corporation data shows the vacancy rate for two-bedroom apartments, which are the most sought-after units, fell sharply to 2.5 per cent.
In 2018 the rate was substantially higher, at 4.4 per cent.
CMHC analyst Chris Zakher told Tbnewswatch robust growth in the number of foreign students coming to Lakehead University and Confederation College has contributed to a tightening of the market.
"Every year it seems they keep having a record number of international students coming. They have probably been the driving factor pushing those vacancy rates lower," Zakher said.
The vacancy rate for three-bedroom apartments also fell significantly, from 6.0 per cent to 2.7 per cent between 2018 and 2019.
The rate for one-bedroom units dropped from 5.1 per cent to 4.6 per cent.
According to CMHC, the average rent for two-bedroom apartments in Thunder Bay rose to $1075 monthly last year from $1037 in 2018.
The average rent for one-bedroom apartments increased to $856 from $831.
