THUNDER BAY — Renters found it a little easier to find a vacant apartment in Thunder Bay last year, while rental rates hardly budged from the year before.
That's according to new data from Canada Mortgage and Housing Corporation.
The federal agency says the vacancy rate in the city for apartment buildings with three or more units climbed to 4.1 per cent in 2020, compared with 3.6 per cent in 2019.
At the same time, the average rent for a two-bedroom apartment increased only marginally, to $1,092 last year from $1,075 the previous year.
CMHC says COVID-19 has reduced rental demand across the country due to fewer student renters, weak employment conditions, and lower international migration.
The Thunder Bay market has been affected by the reduction in students attending Lakehead University and Confederation College.
Landlords have also been impacted by an increase in arrears.
CMHC says that, across the country, nearly 60 per cent of landlords report a higher arrears rate last year than in 2019.
