The latest market report from Colliers International shows that in 2014 there were 176 new rental units completed in the city with 340 started.
The Star Phoenix reports that the city’s rental inventory averages 47 years old and many properties need renovation. New properties have increased the vacancy rate to 3.5 per cent, up 1 per cent during 2014.
Rents have also increased; up $50 for a two-bedroom apartment to an average of $1,091; and with low interest and mortgage rates that has made the city highly attractive to investors, especially with rents higher than Regina and Winnipeg.
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Saskatoon’s multi-family unit sector is on a high with plenty of investment in the sector.