Average rent for a one-bedroom in Vancouver equals $30,888 per year

The latest numbers are in when it comes to renting in Vancouver, and in August, the average rent of a one-bedroom rental in Vancouver was $2,574.

Multiply that by 12 months, and rent for a one-bedroom in Vancouver is $30,888/year, with factors like utilities and general expenses not included in that amount.

The September rent report from rentals.ca looks at rent prices across Canada for August, and Vancouver has come out on top once again.

You might also like:
• Vancouver still the most expensive Canadian city as median rent hits new high
• 111 rental homes to replace strip mall on East Hastings in Vancouver
• BC housing market showing "signs of stabilizing" despite huge sales drop

Comparing rent for a one-bedroom in Vancouver to the average for all of Canada, you see that prices in Vancouver are over $600 more.

With an average of $2,574 for a one-bedroom unit, rent prices in Vancouver saw an increase of 2.9% month-over-month and 18.8% year-over-year. The average rent across Canada for all property types in August was $1,959.

There’s an even more significant disparity between Vancouver and other Canadian cities when looking at two-bedroom rentals.

In August, the average rental price for a two-bedroom unit in Vancouver reached $3,694, a 1.8% increase month-over-month and a 21.4% increase year-over-year.

Toronto takes the second spot, where the average rent for one bedroom is $2,329, and the average rent for a two-bedroom is $3,266.

Rentals.ca

Several BC cities cracked the top 10, including Burnaby, Victoria and New Westminster.

Rentals.ca

BC also comes out on top provincially, officially the most expensive province to rent in Canada, slightly ahead of Toronto. BC rates saw an annual increase of 24%, a considerable difference from the 4.2% increase it saw a year earlier.

You might think that with high prices, people would look at other areas of BC for potential rental spots. However, according to Rentals.ca, major BC municipalities are still the most popular when it comes to pageviews per listing.

Rentals.ca

“The hikes are having a negative impact on job growth, which could keep rents in check if young Canadians find themselves jobless,” says Rentals.ca in its report.

“Despite some negative economic data nationally, the $1,959 per month average rent in Canada is the highest tracked by Rentals.ca, topping the previous high of $1,954 in September 2019.”