Saskatchewan rental prices on the rise but remain lower than national average | 24CA News
In each Saskatoon and Regina, hire costs are on the rise.
According to the newest hire report from Rentals.ca and Urbanation, the common month-to-month hire in Saskatchewan went as much as $1,097 in June. Across Canada, the common month-to-month hire value sits at $2,042.
“Money is the big issue.”
That is changing into a sentiment more and more shared by these seeking to hire in Saskatchewan, and it’s no totally different for Toufikur Rahnan, who’s trying to find a roommate in Saskatoon to assist with rental prices.
Rahnan mentioned of the 2 instances he will get paid a month, three-quarters of all his earnings go in the direction of hire.
“The rental market is too high,” he mentioned. “There is nothing left for me to save up or spend on anything or go on vacation.”
According to economist Jason Childs, individuals can count on hire costs to proceed to develop all year long.
“Rates are climbing a lot and we are seeing lower vacancy rates than maybe might be ideal,” Childs mentioned.
Childs mentioned the rise in inflation is inflicting landlords to extend their prices to maintain up.
“Not only do consumers and renters have to keep up with inflation … but landlords have to keep up as well, and they have the extra cost of the interest payments. And with the bank rate now at five per cent, those interest costs can be very substantial,” Childs mentioned.
Childs mentioned one of many issues that makes hire costs tough is there are only a few methods to chop again on prices.
“Rent is one of the first things that’s going to come out of your pocket,” he mentioned. “If you’re going to cut down on rent, you have to move. Oftentimes what you’ll see is people respond to higher rents by cutting down in other places like driving less or cutting back on groceries.”
Year over 12 months, the common month-to-month hire in Regina for a one-bedroom was up 8.1 per cent; a two-bedroom was up 13.4 per cent.
Meanwhile, in Saskatoon, the common month-to-month hire for a one-bedroom was up 14.2 per cent whereas a two-bedroom rose 9.6 per cent.
Cameron Choquette, the CEO of the Saskatchewan Landlord Association, echoed an analogous sentiment to Childs, saying inflation has pinched the rental market.
Now any enhancements resembling shingles or a brand new door value the owner more cash than earlier than.
“Unfortunately, sometimes we need to charge the rents we do in order to make sure that we can operate that property,” he mentioned. “We’re going to have to get creative this fall because there really aren’t enough housing units,” he defined.
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