Rent in Vancouver continues to get slightly less nightmarish
Rentals.ca has released its latest report, and things are continuing to get a wee bit better in Vancouver, with the city seeing a drop in rent.
The most recent report, released today, looks at the average asking rent for September.
Vancouver saw decreases in one-bedroom and two-bedroom rent, month over month and year over year. The same was true for Burnaby, which has seen a steady rise in rent over the last year.
However, despite several consecutive months of rent decreases, Vancouver is still the most expensive in Canada of all the locales the report analyzes.
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In September, the average asking rent on the Rentals platform in Vancouver for a one-bedroom was $2,649 a month and $3,488 for a two-bedroom.
For a one-bedroom unit, that represents a 2.2% month-over-month drop and a whopping 11% year-over-year drop. Two-bedroom units saw similar decreases, including a 4% month-over-month drop and a 10.7% year-over-year drop.
While rents decreased in Burnaby, they weren’t as dramatic as in Vancouver.
In September, the average asking rent for a one-bedroom unit in Burnaby hit $2,493, a 0.3% drop compared to August and a 7.7% drop compared to last year. For a two-bedroom unit, rent dropped to $3,052, a 1.8% drop compared to August and a 10.5% drop compared to last year.
Kelowna was one BC city that actually saw a month-over-month increase in rent. In September, rent for a one-bedroom unit reached $1,994 and $2,542 for a two-bedroom unit.
Nationally, rent for all property types increased in Canada by 2.1% in September compared to last year.
“Rents remain 13.4% higher than two years ago and 25.2% higher than three years ago,” Rentals.ca says.
It noted that Ontario and BC saw the most significant annual rent declines of all the provinces in Canada.
For a tragic laugh, you could rent two two-bedroom units in Edmonton for less than the price of one in Vancouver. A two-bedroom unit in Edmonton was $1,717 in September.
Rentals.ca
Our last Rentals.ca report suggested this might be the most affordable time to rent before prices increase.