Two-bedroom rent in Vancouver is 21% more expensive than last year

May 11 2023, 10:53 pm

A necessity for life is one-fifth more expensive than it was this time last year in Vancouver. Zumper released its latest Canadian rent report, and the numbers paint a grim picture for folks looking to move into an apartment this spring.

According to the report, the median rent for a one-bedroom apartment is $2,600, up 18.2% from last year but flat compared to the previous month. Two-bedroom rent has climbed even faster, sitting at $3,800 a month and up 21% from last year and up 5.6% from the previous month.

Supply and demand

According to the Zumper report, the national vacancy rate for rental units in Canada is hovering at less than 2%. It’s even lower in Vancouver, where the vacancy rate is less than 1%.

Zumper said, “Demand continued to outpace the available supply, which has led to spiking rents” in several major Canadian cities.

“The competition for housing is fierce as more and more people are moving to Canada, mortgage rates are high, so many people are priced out of the ownership market, and with so much uncertainty in the economy, many are holding back from making any big financial moves until there is more confidence restored,” reads the Zumper report.

Vancouver is the top market in Canada

Vancouver continues to be the most expensive city in Canada to rent. Per Zumper, average one-bedroom rent stayed flat from April to May at $2,600, while two-bedrooms jumped 5.6% to $3,800.

If you rent a two-bedroom apartment and pay $3,800 a month, that’s $1,900 to share the unit with a roommate.Ā Still, it’s cheaper than trying to get a one-bedroom right now, which will set you back $2,600 in rent per month.

What do you think of the rapid rental price increases in Vancouver?

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