Rental costs in Vancouver jump more than 14% since last year

For the fourth consecutive month, rental rates have increased across the country, including in Vancouver. 

When it comes to condos and apartments, Vancouver had both the highest average rental rate at $2,559 per month in August and the highest year-over-year increase in average rent at 14.2% for condo rentals and apartments in August.

The price for a one-bedroom apartment in Vancouver this month is $2,167, while a two-bedroom is going for $3,044.

Last year, the average rental rate saw significant declines but has been creeping back up since earlier this year, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.

“The rental market continued its upward trend on a national basis in August as some normalcy returns to the country,” said Ben Myers, president of Bullpen Research & Consulting.

“With elementary schools opening in September, there was strong rent growth for single-family properties again in August. Toronto and Vancouver are experiencing huge rental demand, especially for higher-end condos.”

• See also:
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  • Average Canadian home price expected to rise 16% this year

The average rent in Canada is still about $190 below the market peak of $1,954 in September 2019.