by Doug Ashbury
Northern News Services

NNSL (Dec 03/97) - If you're looking to rent an apartment, Yellowknife continues to be a buyer's market.

Apartment vacancy rates are hovering around seven per cent and property owners are taking a more aggressive approach to attracting tenants.

Midwest Property Management said its 1997 calender-year vacancy rate was six per cent.

Midwest owns and operates McNiven Place, Fraser Arms east and west and Fraser Tower -- 273 units in all.

But the 1997 vacancy rate is lower than 1996. Last year, Midwest's vacancy rate was 11 per cent, property manager Lynda Nelson said.

Discussing rent, Nelson said Midwest's rates declined two years ago but this year incentives have meant tenants can pay less, she said.

Midwest's one bedroom units go for $875 a month. New tenants can get a $40 per month rebate by signing a one-year lease. The company recently reduced the rebate from $80. The owner also offers moving-in incentives.

Nelson cited the Treminco mine shutdown and layoffs as part of the reason for the vacancy rate.

"We're trying to secure long-term residents" but in Yellowknife that is difficult, Nelson said.

Proof of the transience of Yellowknife's population can be found in turnover rates.

In Midwest's fiscal 1997 (Oct. 1 to Sept. 30) tenant turnover was 77 per cent. For 1996 fiscal year, turnover was 62 per cent.

Mackenzie Management general manager Dave McCann said: "The long and short of it is (from the apartment owner's perspective) things aren't great."

But McCann said he thinks the worst of the soft market is over.

Mackenzie manages 411 units in 14 buildings, the biggest Range Lake north and south and Fort Gary apartments, each with 53 units.

McCann said Mackenzie's average vacancy rate is about six per cent for the year.

For a one bedroom apartment, Mackenzie charges from $715 to $845 in all but one of its buildings.

"Rents are lower than five years ago."

He predicted next May, June and July, traditionally peak months because of increased mining-related activity, will not be as active as previous years.

Mackenzie has an incentive program, he added.

Ciara Manor on School Draw Avenue also has an incentive package. New tenants can get deals on the first month's rent.

Yellowknife Real Estate Board president Rod Stirling said it is definitely a buyers' market when it comes to renting or buying a house.

With supply exceeding demand since 1994 -- the last year considered a seller's market in Yellowknife -- some landlords are taking a more aggressive approach to securing tenants, he said.

Stirling, also manager of the Yellowknife Coldwell Banker, said the franchise does not manage apartments but does handle renting of about 70 privately-owned single family units.

The latest Yellowknife Real Estate Board figures show value of residential real estate sold in October jumped 11.5 per cent to $2.9 million from $2.6 million. The number of properties rose by one to 18.

In October, there were 203 active listings compared to 172 listing for the same month last year.

Later this month November residential real estate figures will be released.