The average rent in the most expensive city to rent in is out of control, so if you’re renting a place in Vancouver and you
The average rent in the most expensive city to rent in is out of control, so if you’re renting a place in Vancouver and you are somewhat content with your rental rate, hang onto that position.
The figures come from research published in July by rentals.ca that examines June’s asking rental prices. Currently, $2,945 per month is the average rent for a one-bedroom in Vancouver. That represents a 4.0% month-over-month increase and an 18.1% yearly gain.
Even worse, the average rent for a two-bedroom apartment has increased to $3,863 per month, a 5.4% month-over-month and 14.2% annual increase. Another Metro Vancouver city has earned the top-two slot, so it’s not only Vancouver.
Burnaby currently holds the dubious distinction of being the second-most costly city in Canada to rent a one-bedroom. Currently, a one-bedroom in Burnaby costs $2,578 a month. Burnaby experienced a 27.2% increase in one-bedroom rent, which was the largest increase year over year.
Vancouver Island is a lot less expensive. Currently, a two-bedroom in Victoria can be rented for $2,663 as opposed to $2,945 for a one-bedroom in Vancouver. The least expensive big Canadian city to rent in is still Edmonton, where a one-bedroom costs $1,196 a month.
In June, the average asking rent in Canada surpassed the previous high of $2,024 set in November 2022 to reach a record high of $2,042.