Rental Costs in Vancouver: Apartment Prices in May 2022

One-bedroom units in Vancouver are up 18.12% in price year-over-year.

It is perhaps unsurprising that Vancouver continues to have the highest average rental prices for one and two bedroom apartments in Canada.

But what may be more shocking, however, is how much properties have increased year over year.

Rentals.ca, an online apartment rental platform, has released its May 2022 National Rent Rankings report, which is based on data from its April monthly listings.

The average rent for all Canadian properties for rent on Rentals.ca in April 2022 was $1,821 per month, which represents a 9% annual increase from $1,676 per month in April 2021.

In Vancouver, prices rose this month to $2,334 for one-bedroom units, representing a 2.37% month-over-month increase and a whopping 18.12% increase From one year to another. Similarly, two-bedroom units are averaging $3,324 this month, up 6.47% this month from a year ago and a jaw-dropping 23.71 year-on-year. ‘other.

Toronto also saw a significant rise in rental prices, with one-bedroom units averaging $2,065 and two-bedroom units averaging $2,849. Other than Vancouver, the five most expensive cities to rent in Canada as of May 2022 are located in Ontario.

Burnaby has the sixth most expensive market in Canada, with one-bedroom apartments averaging $1,883 and two-bedroom apartments averaging $2,563.

Photo via Rentals.ca

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