Surprise, surprise…Vancouver has the most expensive rentals in Canada, according to apartment hunting website PadMapper.
- 5,000 short-term rentals listed in Vancouver
- How Vancouver got so expensive and what you can do about it
- Here's what $448,000 can buy you in each Vancouver neighbourhood (PHOTOS)
According to PadMapper’s July report on Canadian rentals, the median rent for a one-bedroom place in Vancouver is now $1,740, up 2.4% from May.
Meanwhile, the median rent for a two-bedroom place is down 1.1%, now standing at $2,750.
By comparison, the median rent for a two-bedroom home in Toronto, which PadMapper found to have the second most expensive rentals in Canada, is $1,720.
That does not even cover the cost of an one-bedroom apartment in Vancouver.
Supply vs demand
Of course, there’s the age-old rule of supply and demand, and with rental availability rates of only 0.6%, among the lowest in Canada, it’s no surprise rents are skyrocketing.
So why is Vancouver’s long-term rental stock so low? The City of Vancouver believes it may be at least in part down to the prevalence of short-term rentals like Airbnb.
Under current legislation short-term rentals – which are defined as anything less than 30 days per tenancy – are only allowed in licensed hotels and bed and breakfasts in Vancouver.
But according to the City, there are more than 5,000 short-term rentals listed across 12 different websites in Vancouver, most of which are whole houses and apartments.
While it has hired a third-party consulting firm to investigate, the City also wants to know what you think about short-term rentals and how they should be regulated.
To take the City’s survey, head to vancouver.ca/short-term-rentals.
And maybe, just maybe, you’ll one day be able to find an apartment that doesn’t break the bank. Maybe.
Top 5 most expensive rental markets in Canada
- Vancouver: one-bedroom $1,740, two-bedroom $2,750
- Toronto: one-bedroom $1,350, two-bedroom $$1,720
- Calgary: one-bedroom $1,110, two-bedroom $1,340
- Victoria: one-bedroom $1,075, two-bedroom $1,370
- Ottawa: one-bedroom $1,040, two-bedroom $1,280