Renting a new apartment in Vancouver is slightly cheaper than last year
Renting a vacant apartment in Vancouver costs slightly less on average than this time last year, but the city is still firmly Canada’s most expensive spot for renters.
That’s according to a new national rent report from Zumper, which names Vancouver the only city in the top 10 most expensive municipalities in the country to see a declining trend in rent prices.
Average rents for an empty one-bedroom apartment fell 2.5% in Vancouver since last summer to $2,700 by Zumper’s count.
Zumper
Whereas the Canadian markets that were once relatively cheap for renters are growing at alarming rates. Winnipeg dethroned Edmonton this month to become the city with the fastest pace of rent growth across the country. Vacant apartments in Winnipeg are 25% more expensive than they were this time last year.
Nationally, the average asking price for a vacant one-bedroom apartment is $1,900 — a full $800 cheaper than the average price in Vancouver.
Of course, the data looks at rents for vacant apartments where landlords can set asking prices to market rates. Renters in Vancouver who’ve been living in their unit for several years are likely paying much less than that, since BC has rent control for continuing tenancies. Landlords are only allowed to increase rent by 3.5% this year for tenants continuing their lease.
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