Vancouver sees small drop in median rent for a two-bedroom apartment

Vancouver is still the priciest market in Canada when looking at median rent prices.

When looking at a one-bedroom apartment, it retains that title while remaining flat compared to last month, according to Zumper.

Looking at two-bedroom apartments in Vancouver tells a different story, as median rent prices fell by roughly 3.6% month-over-month.

In October 2022, the median rent for a one-bedroom apartment in Vancouver was $2,500, a 0% change month-over-month but still a massive increase (19%) year-over-year.

Regarding two bedrooms, the median rent price fell to $3,500 in October. However, year-over-year, that’s still up 16.7%.

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Vancouver’s lead over other Canadian cities is vast when looking at median rent prices. For example, in Toronto, the second most expensive rental market in Canada, the median rent for a one-bedroom in October 2022 was $2,130, and a two-bedroom was way cheaper than in Vancouver, reaching a median rent price of $2,680.

Three BC cities rounded out the top five; Burnaby, Victoria and Kelowna.

Zumper

According to Zumper, Hamilton had the fastest-growing rental market last month.

In Edmonton, prices are so low compared to Vancouver that you could virtually rent three two-bedroom apartments for the price of one in Vancouver.

Zumper

Median and average rent are two very different metrics. Median means that half of the available units are above and half of the units are below the respective one and two-bedroom rates listed in Zumper’s analysis. Zumper looks at asking prices for rentals across big cities.

“For our monthly rent reports, we aggregate data from over one million active listings to calculate median asking rents for the top 100 cities by population and nearly 300 additional cities within major metro areas.”