Asking rents in Vancouver fall from summer highs, hold at 9% more than last year

Asking rents for vacant apartments in Vancouver have come down slightly from their summer high, meaning it’s a cheaper time of year now to find an apartment than it was just a few months ago.

But rents are still up significantly from where they were last year, as the cost of an apartment in the city balloons far faster than inflation.

The latest rent report from Zumper finds asking rents for one- and two-bedroom apartments in Vancouver are 9% higher than this time last year.

Asking rents climbed to a high in summertime, but have now come down to $2,700 on average for a one-bedroom, and $3,890 for a two-bedroom. That’s a 1% and 3% dip, respectively, from last month.

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Zumper’s numbers are in line with Rentals.ca, another rental platform that tracks prices. Rentals.ca also pegged the average asking rent for a Vancouver one-bedroom at $2,700 this month.

Vancouver remains the most expensive city in Canada to rent in, with Toronto coming in second and Burnaby coming in third. Victoria, on Vancouver Island, ranks fourth.

Zumper

Winter is traditionally a slower time of year for moves, so it could mean apartment-hunters can find slightly cheaper accommodations on offer.

Zumper gathers price data from units listed on its site and doesn’t include units for rent that are listed on Facebook Marketplace, Craigslist, or advertised solely with a sign on the lawn.