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Terrace Rental Market Update - Dec 1, 2017

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Terrace Rental Market Update – Dec 1, 2017

Rental demand in Terrace continues to be fairly stable, with the vacancy rate sliding down to about 6%. 1 bedroom units in the $800 budget are renting well and stock is limited, as well as 3 bedroom units for families. The recent demand seems to still be single workers relocating for temporary contract work, thus seeking inexpensive small units, or families looking for 3 bedrooms or more. 2 bedroom unit demand is diminishing slightly with a higher vacancy rate of this product estimated around 10%.

The Northwest region is waiting patiently for major projects to move ahead. However, Terrace remains a fairly stable rental market, even with the winter season setting in. Turnovers are typically lower in the winter in this region.

Terrace vacancy now 6%.  2 bedrooms at $1,000 and 3 at $1,470

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Posted by:
Derek Kaufman

Posted on:
December 2nd, 2016

Posted in: