The Edmonton apartment market showed positive year-over-year growth throughout 2013 and will continue to do so well into 2014, according to a multi-housing report from the CBRE.

The report states that low vacancy rates, high demand and improving inventory have all contributed to increases in average rental rates for the region.

It goes on to say that Edmontonians can expect increases to continue “through the next few quarters as landlords search for the equilibrium between tenant demand and suitable rents.”

In 2013, an influx of approximately 95,000 migrants to the Alberta area resulted in historic low vacancy rates.

CBRE states that in 2013, there were 3,491 apartment starts, with 2,000 suites proposed. These starts referred, specifically, to purpose-built rental developments and do not account for condominium rental units.

Looking forward, the CBRE anticipates that Edmontonians can “expect to see a large aggregate of completions, alleviating both the pressure on vacancy and average rental rates in various submarkets.”

The majority of new development has taken place, so far, on the outskirts of the city. As new supply increases, it is predicted that housing developers will look to invest in development opportunities closer to the downtown core.