Global Courant 2023-05-12 07:03:48
Zumper’s most recent Canadian rental report shows that 15 of the country’s most populous cities have seen their average rent increase monthly by 2023.
“With a national vacancy rate for rental properties below 2 percent, demand in Canada has continued to outpace available supply, leading to skyrocketing rents in most cities in this report,” the rental website said.
The data comes from Zumper’s hundreds of thousands of active rental properties across Canada and, perhaps unsurprisingly, Vancouver remained the country’s most expensive city to rent — with the average monthly rent for a one-bedroom apartment at $2,600 and for a two-bedroom apartment. bedrooms, $3,800.
Vancouver’s median rental price for a one-bedroom apartment is up 18.2 percent year-over-year and 21 percent year-over-year for a two-bedroom apartment.
Toronto is the second most expensive rental market in Canada, according to Zumper, as renters pay an average of $2,400 per month for a one-bedroom apartment and an average of $3,090 per month for a two-bedroom apartment.
The data shows that both apartment types in Toronto have seen rents rise more than 20 percent since this time last year.
Burnaby, BC came in at number three, with average rent for one-bedroom apartments rising 14.1 percent year-over-year to $2,350 per month, while two-bedroom units cost an average of $3,000 per month — an increase of 15,000. 8 percent since last year.
Rounding out the top five most expensive rental markets in Canada, Victoria, BC and Kitchener, Ont. ranked fourth and fifth with average monthly rents for a one-bedroom apartment of $2,000 and $1,880, and the average cost of a two-bedroom apartment was $2,500 and $2,250 per month, respectively.
The report also found that Calgary had the fastest growing monthly rent in the country. Calgary rose four places to make the top 10 with a month-over-month increase of 6.1 percent in the average rent for a one-bedroom apartment. Calgary also had the fastest growing annual average rent, with a 42.3 percent increase for a one-bedroom apartment and 32.9 percent for a two-bedroom apartment.
Edmonton had the second fastest growing average monthly rent, closely followed by Saskatoon and Quebec City. In Edmonton, the average monthly rent rose 5.8 percent for a one-bedroom apartment and 6.2 percent for a two-bedroom apartment.
The average monthly rent for a one-bedroom apartment in Kelowna, Barrie, London, Kitchener and Kingston fell month after month. And while Vancouver, Victoria and Regina saw no change month over month in the average rent for a one-bedroom apartment, all three cities saw average rents increase by at least 9.3 percent for a one-bedroom apartment year-over-year.
Coverage for this story was paid for through the Meta-funded The Afghan Journalists in Residence Project.
