Vancouver rent remains sky-high in spite of big price drop

Vancouver renters in one apartment type may have to open their wallets a little wider this month, despite a steep year-over-year decline in asking rent prices in the city.

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.

Vancouver remains home to the priciest one-bedroom rentals in the country, with a median price of $2,540 per month. This is up slightly from June by 0.8 per cent.

However, two-bedroom rentals experienced a month-over-month decline of 0.6 per cent, with a median rent of $3,470.

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According to Zumper, Vancouver’s asking rent for one and two-bedroom units has dropped 5.9 per cent and 8.4 per cent since this time period in 2024.

“After years of steep rent increases, the market is showing signs of correction and rebalancing,” said Zumper in its report. “Demand seems to be shifting toward more affordable secondary markets, while increased rental supply in major urban centers is giving renters more options and putting downward pressure on prices there.

“In terms of annual changes, Toronto and Vancouver posted two of the three steepest rent declines in the nation for one-bedroom units, falling 10 per cent and 5.9 per cent respectively, pointing to a continued softening in Canada’s most expensive cities.”

Zumper

Burnaby remains the city with the second-highest median asking rent nationwide, with median asking rent at $2,300 and $2,890 for one-bedroom and two-bedroom apartments, respectively.

Victoria and Kelowna also rank in the top 10 most expensive markets for renters in Canada, with Abbotsford cracking the top 20.