Average one-bedroom rent costs Vancouver renters over $32,000 a year
The average rent for a one-bedroom in Vancouver costs renters over $32,000 annually.
According to the latest national rent report from Rentals.ca looking at rents in March, the rent for a one-bedroom in Vancouver has risen 3,9% month-over-month and a staggering 17.3% year-over-year.
For a year the average rent costs Vancouver renters $32,916 per year, which doesn’t factor in additional costs like utilities, subscriptions, and other bills.
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Vancouver leads the pack for all of Canada, provincially and municipally. In BC, the average listed rent in April was $2,541, with Ontario just behind BC at $2,401.
For a one-bedroom in Vancouver, the average rent reached $2,743 for a one-bedroom in March. For a two-bedroom, Vancouver renters are looking at $3,653 on average. Vancouver leads the country for both property types.
Another BC city not far behind is Burnaby, the third most expensive in the country, where the average rent for one bedroom is $2,259 per month, tied with Etobicoke in Ontario.
Victoria and Kelowna were among Canada’s top 15 most expensive cities.
Rentals.ca suggests that rents are now reaccelerating after a period of “moderation” during winter.
It’s also the first time rents have increased month-over-month since November, “pushing the annual percentage rate of rent increase back into the double digits.”
Rentals.ca adds that demand is strongly outstripping supply.
Since March 2020, the average asking rent on all property types has steadily increased.