Two major BC cities just had some of the biggest monthly rent increases in Canada
Residents in major B.C. cities are continuing to feel the financial pinch, and those who rent in several spots in the province will have to open up their wallets a little wider this month.
Zumper, a digital marketplace for renters and property managers, has released its latest rent report, which tracks asking rent prices on sites with apartment listings.
Vancouver remains home to the priciest one-bedroom rentals in the country, with a median price of $2,400 per month in July. This is up by 2.1 per cent compared to this time last month.
It’s the second-highest month-over-month asking rent increase in the country for one-bedroom suites.
The city also has the highest two-bedroom rents in the country, with an average asking price of $3,370. However, Vancouver is not the only B.C. city with a big asking price in the category.
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Victoria, which is the fifth most expensive city to rent in Canada, saw its July median price for two-bedrooms rise four percent compared to June, up to $2,630. This represents the second-highest monthly increase in the country.
Both Vancouver and Victoria’s respective one- and two-bedroom rental increases are just behind Hamilton, Ont., which had the highest bump in both categories for the month.
Zumper
According to Zumper, the country’s priciest markets “stabilized” last month, as delayed seasonal demand arrived in the cities.
“After May’s temporary softening interrupted the market’s earlier deceleration, June brought a peak-season rise: the national one-bedroom index surpassed May’s level, annual declines narrowed for both bedroom types, and about half of all tracked markets saw monthly gains,” said Zumper in its report.
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A number of other B.C. cities also saw month-to-month increases in rent.
Burnaby’s one-bedroom apartments had an increase of 0.5 per cent to land at the second most expensive market.
Kelowna jumped up 1.1 per cent month-to-month to $1,780, earning it a spot in ninth place.
Abbotsford also landed in the top 20 most expensive markets for renters in Canada at number 16, with a 0.6 per cent increase to $1,650.
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“Peak-season leasing is doing what it typically does, lifting rents at the margin even against a weaker structural base,” said Zumper in the report. “For renters, the environment stays favorable as one-bedrooms remain cheaper than a year ago in the large majority of tracked markets, and incentives are still common.
“The question now shifts to July and August and whether the summer can sustain this momentum.”
The full Zumper report can be found online.