If you’ve felt like rent in Vancouver couldn’t get any worse, it has just reached an all-time high.
Median rent in the city reached $2,240 for a one-bedroom, and $3,300 for a two-bedroom, representing an all-time high for Vancouver since Zumper began tracking rent prices in 2016.
Month-over-month, median rent for a one-bedroom in Vancouver increased by 1.80%, while increasing 14.90% year-over-year. For a two-bedroom, Vancouver median rent saw a 5.10% increase month-over-month, and a 20.90% increase year-over-year. The two-bedroom year-over-year increase also marks the most significant increase in the entire report.
“Looking at the rental market as a whole, 75% of the Canadian cities on this report experienced growing monthly rents and over 60% experienced double-digit year-over-year rent price growth rates. As many leases end during the summer, it seems many renters are beginning to look for their next apartment, which is driving up demand and prices,” reads the report.
One surprise in this month’s report is how expensive it is to rent in Burnaby. Previous reports didn’t track Burnaby because the city didn’t meet Zumper’s threshold for the number of active listings.
Median rent for a one-bedroom in Burnaby was $1,960 in May, while median rent for a two-bedroom hit $2,630. This marks a 15% increase month-over-month and year-over-year.
Victoria and Kelowna follow closely behind.
While one-bedrooms in Toronto are just as expensive as they are in Vancouver, two-bedrooms are markedly cheaper.
On the lower end of the ranking, the cheapest place to rent is St. John’s, where the median rent for a one-bedroom is $880, and a two-bedroom is $950.
Edmonton is also looking as attractive as ever when it comes to affordable rent, with the median-rent for a one-bedroom sitting at $950, while median rent for a two-bedroom in Oil Country is $1,220.
Click here for the full Zumper Canadian Rent Report.