Surprise, surprise, average monthly rent in Vancouver has risen once again.
According to Rentals.ca and Bullpen Research & Consulting, the average monthly rent for a one-bedroom home in Vancouver has gone up a staggering 13.2% in one year.
This makes it the highest increase in rent for any major Canadian city since December 2020 to December 2021.
Vancouver is the Most Expensive City To Rent in Canada
Across all Canadian properties, the average rent in December was $1,789 per month, an increased of 3.8% per year.
Out of 35 cities, however, Vancouver took the top spot for average monthly rent in December. With the average monthly rent of a one-bedroom home at $2,176, and a two-bedroom at $2,983.
In fact, month after month it seems that average rent in Vancouver has gone up 2.1% for a one-bedroom place.
Data shows that the average rent per-square-foot in Vancouver did go down in 2020 but then quickly recovered in 2021. The average rent per-square-foot hit a low of $3.29 in the early part of 2021 but then increased again to $3.84 in December.
Ben Myers of Bullpen Research & Consulting says, the “average rental rates moderated in December after rents surged following the April market bottom, where rents had fallen by over 9 per cent annually. It is too early to tell if Omicron will have a prolonged deflationary impact on the rental market, but Bullpen Research & Consulting and Rentals.ca still believe there will be significant upward growth in rents in 2022 in Canada’s major markets.”
B.C. As A Whole Is The Most Expensive Province To Rent In
When looking at just province averages, the average rent in B.C. was up 7.3%. This equals to $2,171 per month, making it the highest of all the provinces.
B.C.’s average rent for condo and apartments didn’t change much in the last year. However, when you look at it the numbers from 2019, you can see a massive jump. The average rent for condo and rental apartments in the fourth quarter of 2019 was $1,828, representing an annual increase of 13%.
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