RIP savings account: Average rent for one-bedroom in Vancouver hits $2,200

Vancouver, already the most expensive city in Canada to rent property, saw rental rates continue to climb to a high it hasn’t reached since early 2021.

Hundreds of thousands of listings were analyzed in the latest rental report by listing service, Zumper. The research found that the median rent for a one-bedroom in Vancouver reached $2,220 in January, increasing from December 2021 when the median rent for a one-bedroom hit $2,000.

One-bedroom listings in Vancouver were analyzed in January of last year as well, and looking at the numbers year-over-year, Vancouver saw a stark 13.40% increase.

When comparing median rent for a one-bedroom in December, January saw a 3.30% increase.

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 14.80% increase in rent for two-bedroom accommodations. The median rent for a two-bedroom in Vancouver in January was $3,020.

The top five most expensive cities remained the same as in December when it comes to their overall standings.

Zumper

Vancouver was followed by Toronto, Victoria, Kelowna and Barrie.

Victoria actually saw one-bedroom prices fall by 4.90% to $1,750, with an average two-bedroom falling 0.40% to $2,290.

Abbotsford saw one of the most significant drops for one-bedroom rent prices out of all the Canadian cities, falling 2.1% to $1,390. It remains the 11th most expensive city to rent in Canada.

The full report can be found here.