Some types of Vancouver apartments are 10% cheaper to rent now than last year
Vancouver remains the most expensive place in Canada for renters, but prices for one type of apartment have significantly dropped since last year.
Zumper, a digital marketplace for renters and property managers, has released its latest rent report, which tracks asking rent prices on sites with apartment listings.
It pegs the current average rent for an empty one-bedroom apartment in Vancouver at $2,550 per month, a 1.9% decline from December. Two-bedroom rentals saw a price drop of 1.1% month-over-month to $3,460.
However, compared to this time last year, two-bedroom rents across the city are down 10.4%.
Zumper
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“This report marks the third consecutive month where the Canadian National Rent Index was in the negatives both monthly and annually,” said Zumper in a release.
“Apartment completions have reached record highs in 2024 across all Census Metropolitan Areas, with Toronto, Ottawa, Calgary, and Edmonton leading the surge, per CMHC. This influx of new supply has been significant in meeting growing demand nationwide, helping to temper the rapid double-digit rent growth seen in 2023.”
Three BC cities — Vancouver, Victoria and Burnaby — remain in Canada’s top five most expensive places to rent, though each saw a drop in rental price ranging from 1.1% to 1.9%.
Elena Berd/Shutterstock
Those looking for a one-bedroom may want to keep an eye on the latter as those rental types have decreased 6.4% annually year-over-year.
Other parts of Canada are bucking the trend of single-bedroom rental price drops, including Barrie, which has jumped 12% since last year; Edmonton, whose asking price climbed 10.4%; and Regina, whose rent grew 9.5%.
Are you seeing cheaper rental asking prices across Metro Vancouver? Are you having difficulty finding an affordable place to live? Let us know in the comments, or contact us to share your story.