Another dubious honour for Vancouver as median rent prices hit a new a high
Vancouver, already the most expensive city in Canada to rent property, is now the only city in Canada where the median rent for a one-bedroom is over $2,000.
Hundreds of thousands of listings were analyzed in the latest report from Zumper, a rental listing service.
The research found that the median rent for a one-bedroom in Vancouver reached $2,130 in the month of December.
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One-bedroom listings in Vancouver were analyzed in December of last year as well, and looking at the numbers year-over-year, Vancouver saw a 9.20% increase.
There was a 1.4% increase, month-over-month.
When looking at two-bedrooms month-over-month, Vancouver actually saw a 1.00% decrease in rent. Year-over-year tells a different story, as the city saw a 15.10% increase in rent for two-bedrooms. The median rent for a two-bedroom in Vancouver is $3,050.
Victoria also rose up the charts when it comes to rent, as month-over-month they saw a 4.50% increase, with the median rent for a one-bedroom reaching $1,840, and median rent for two-bedrooms reaching $2,300. According to Zumper, Victoria is the third most expensive city to rent in Canada-wide, just behind Toronto and Vancouver.
Meanwhile, rent in Vancouver is a whole $280 more expensive than in Toronto for a one-bedroom.
The top 10 most expensive cities to rent. (Zumper)
Kelowna was the other BC city to hit the top five, where median rent for a one-bedroom actually dropped by 5.20%, down to $1,630. Two-bedrooms in Kelowna reached a median rent of $2,040.
Abbotsford made the list as the 11th most expensive city to rent in Canada. Median rent for a one-bedroom in Abbotsford went up 1.40%, and for two-bedrooms increased 5.10% month-over-month. For a one-bedroom in Abbotsford you could expect to pay around $1,420. For a two-bedroom you’d be looking at around $1,860, not as big of a discrepancy as one and two-bedrooms in Vancouver.
The full report can be found here.