The cost of living in Vancouver just keeps on going up. A new report by rentals.ca highlights how much it costs to rent a two-bedroom apartment in Vancouver.
The average monthly rent for a two-bedroom apartment in Vancouver costs a whopping $3,049. A one-bedroom apartment will cost you $2,028.
“Vancouver rent levels are rising quickly, but the data is lumpy because of fewer listings on Rentals.ca”, reads their website.
Burnaby came fifth on the list with a two-bedroom apartment costing $2,146 a month in rent, while a one-bedroom apartment costs $1,554.
When it comes to average rent per square foot for condo and apartment rentals, Toronto had the highest rents at $3.60 psf in July, with an average unit size of 750 sf.
Vancouver came in second at $3.40 psf, with a slightly lower unit size of 746 sf.
The report also highlighted how bleak the situation is for low-income renters.
“Affordability for low-income renters is getting worse, as 10th percentile rent inflation is very high.”
Back in July, the Canadian Centre for Policy Alternatives (CCPA) released a report that said you need to make $35.43 an hour to rent a two-bedroom apartment in Vancouver.
While Vancouver may be home to beautiful houses like this $58M, 1.3-acre mansion, there’s many who are still struggling to find affordable housing.