Vancouver remains the most expensive city for renters looking for one- and two-bedroom homes, although there has been a slight decrease in the average amount.
According to a new report from Rentals.ca, average monthly rent is down 1.3% in Vancouver for a one-bedroom and down 8.2% for a two-bedroom.
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However, this still equates to an average of $1,891 a month for a the former and $2,568 for the latter.
Prices remained high across the region as well.
Out of 35 Canadian cities, Burnaby was ranked the sixth most expensive for one-bedroom rentals at an average of $1,693, and the third most expensive for two-bedroom rentals at $2,189.
Richmond came in 10th for average monthly rent in February for a one-bedroom at $1,636 and for average monthly rent for a two-bedroom at $2,010.
Vancouver also tied with Toronto for the two priciest places for condominium rentals and apartments. Still, the average for these types of dwellings here has also seen a 6% decrease year-over-year, from $2,301 in February 2020 to $2,164 in February.
And while prices for these types of dwellings may have seen a bit of a decrease, the annual average monthly rent for three-bedroom apartments across the province was up 28%, while rent for three-bedroom condo units in British Columbia increased by 13%, as tenants seek out larger properties while they work from home.
On a provincial level, British Columbia had the highest average monthly rental rate for all property types in February at $1,954.
Overall, the average asking rent for all Canadian properties listed on Rentals.ca in February was $1,714 per month, down 6% from $1,823 in February of last year.
“The condominium apartment market continues to weigh down the overall rental market in Canada,” said Ben Myers, president of Bullpen Research & Consulting. “Investors have been in a race to the bottom for several months, whereas the more institutional owners of the mostly cheaper rental apartments have been more patient in reducing rent, often using this opportunity to renovate vacated suites.”