It's a miracle: Median rent in Vancouver did not increase last month
For once, median rental rates have not increased in Vancouver, which Zumper suggests could mean the city has finally hit the rental ceiling.
While Vancouver finally saw a break from the typical trend of month-over-month increases in September, rates are still way up year-over-year and month-over-month in other BC cities.
Before a flat September, Vancouver saw month-over-month increases over the previous six months.
Despite staying flat compared to the month prior, Vancouver is still the most expensive place in Canada when looking at median rental rates, according to Zumper.
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“Vancouver’s slowdown may be signalling that a rent ceiling has been hit since this city has only continued to break record highs the last six months, and renters are no longer willing to pay the sky-high prices.”
In September, the median rent for a one-bedroom in Vancouver was $2,500. As mentioned, that represents a 0% change from the previous month. Compared to last year, though, it means a 17.40% increase.
Zumper
For two bedrooms, median rent also stayed flat compared to the previous month, but it jumped 25.20% year-over-year.
The other BC cities mentioned, which saw big jumps in median rent rates month-over-month, include Victoria — which is just behind Toronto as Canada’s third most expensive place, tied with Burnaby, where the median rent is $2,080 for a one-bedroom. For a two-bedroom, the median rent in Victoria reached $2,700 last month, and $2,680 in Burnaby.
Kelowna rounds out the top five, with median rent for a one-bedroom at $1,900.
For fun, the median rent for a one-bedroom in Edmonton was $1,010, and $1,480 in Calgary.
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. The company 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.”
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