One-bedroom median rent in Vancouver sets you back over $33K a year

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Another story about renting a one-bedroom being wildly expensive in Vancouver? You betcha.

According to Zumper, a national real estate service, the median rent around the city actually decreased last month for a one-bedroom apartment based on analysis of thousands of listings, but that’s not saying much for the most expensive city in Canada for housing.

Median rent for a one-bedroom in Vancouver hit $2,800 monthly, or $33,600 over the year. This was a -0.7% drop month-over-month but a 12% increase year-over-year.

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Earlier this month, we reported on the money it would take you to afford a two-bedroom apartment in Vancouver, and the median rent when it comes to two bedrooms is even higher than the average rent for those units.

For a two-bedroom apartment in Vancouver, the median rent hit $3,960 per month, a 1.5% increase month-over-month and a 9.1% increase year-over-year. The average rent for September was $3,908.

Other BC cities made some notable appearances on Zumper’s report.

Burnaby was the third-most expensive city in Canada for a one-bedroom, hitting $2,530 per month. Meanwhile, Kelowna saw the most significant month-over-month increase, reaching $1,860 per month for a one-bedroom, a 6.3% increase month-over-month.

Median and average rent are two very different metrics. Median means that half of the available units are above and half of the units are below the respective one and two-bedroom rates listed in Zumper’s analysis. Zumper looks at asking prices for rentals across big cities.

“For our monthly rent reports, we aggregate data from over one million active listings to calculate median asking rents for the top 100 cities by population and nearly 300 additional cities within major metro areas.”