A new report from the City of Regina says that the vacancy rate is now at 4.8 per cent, a significant jump when compared with the 2011 rate that sat below one per cent.
At the same time, the average monthly rent for a two bedroom apartment in the city is expected to rise next year, according to the Canada Mortgage and Housing Corporation.
This year's average rent is $1,090 per month; next year's average is projected to be $1,105 by the corporation. If the prediction holds, it'll be the fifth consecutive year the rate increases.
However, the percentage increase of average rent over the last three years has decreased, according to the data: 2011 saw an 8.4 increase, 2014 saw a 2.8 per cent increase.
Caitlin Sinnett has been renting in Regina for a decade. She says that after huge increases over the past few years to her monthly tab, her rent is starting to level off.
"For me anyway, it's been a very long time since I've signed a lease and it hasn't gone up on me," she said. "I haven't seen a whole lot of increase in the rent in the last little bit. So, at this point yeah, it's levelled off."
Sinnett also figures the rising vacancy rate has to do with an increase of cheaper condos and apartments available to buy in Regina.
"It's probably cheaper to buy a place instead of renting a place, because in 25 years you own it. Whereas [if still renting] in 25 years, you're still renting, and your rent has gone up substantially," she said.
In its calculation of Regina's rental data, CMHC says the average rent increase takes into account newly constructed units, which usually cost more to rent.