New rental housing coming to Nanaimo

A 149-unit rental development has been approved by Nanaimo council as the community copes with a chronically low rental-vacancy rate.

According to Canada Mortgage and Housing Corp., Nanaimo’s vacancy rate as of October 2021 was 1.6 per cent for apartment-style units. Jeremy Holm, director of development approvals for Nanaimo, called the building design and finish high quality, saying the project is a “nice addition to rental housing in the community.”The first phase of North Grove has a total of 146 units in three four-storey buildings.

According to Zumper.com, an online rental site, the average monthly rent for a one-bedroom unit in Nanaimo is $1,650, an increase of 32 per cent year-over-year.

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