The median rent is up for a one-bedroom apartment in Vancouver and hit a new high in June.
According to Zumper’s latest rental report, the median one-bedroom rent hit a new high of $2,300 in June, eclipsing May’s record high of $2,240.
The median rent for a two-bedroom apartment actually held steady from the May report at $3,300.
Year-over-year, Vancouver saw a 15.0% increase in the median rent for a one-bedroom apartment and 17.9% for a two-bedroom apartment.
The most expensive markets in Canada have exceeded their pre-pandemic rental prices, which Zumper says means rental demand has not been met by sufficient supply in most markets across the country.
Yesterday, Daily Hive Urbanized reported that the average rent for one and two bedroom apartments is also seeing an increase.
“With employment rates remaining high and interest rates rising, competition for rentals will only increase, accentuating the upward trend in prices, especially as we approach the summer season. moves,” Zumper said in his report.
Toronto, Burnaby, Victoria and Oshawa round out the top five most expensive places to rent when looking at median rent values for a one-bedroom apartment in Canada.
Rent rates are rising rapidly in Burnaby, which saw a month-over-month increase of 5.1% for a one-bedroom apartment and 5.4% for a two-bedroom apartment.
Further down the graph are cities like Edmonton, Calgary and Quebec.
You could actually rent two one-bedroom apartments in Quebec City for less than the cost of a single one-bedroom apartment in Vancouver by looking at median asking prices. The median rent for a two-room apartment in Quebec is $1,060.
Median rent and average rent are two very different measures. The median essentially means that half of the available units are above and half of the units are below the respective one and two bedroom rates shown in Zumper’s analysis. Zumper reviews asking prices for rentals in major cities.
“For our monthly rent reports, we aggregate data from over one million active listings to calculate median asking rents for the top 100 cities by population and nearly 300 additional cities in major metropolitan areas.”