Vancouver’s rental market remains the most expensive in the country, according to PadMapper’s latest rent report.
The report highlights a median monthly rent of $1,950 for one-bedroom units in the city, a 0.5% increase since the apartment-finding firm’s May report. Since this time last year, the median rent for a one-bedroom unit in Vancouver is up over 7%.
While the one-bedroom rents remain high, the median rent for a two-bedroom rental fell 2.8% from May to $3,150, a decline of 0.9% year-over-year.
Toronto, once again, had the second-highest rents in Canada. In that city, the rent for a one-bedroom was $1,790, which was a 2.3% increase from last month and a 14.7% increase year-over-year. Two-bedroom rent increased by 2.2% to $2,300, which was a 15% increase year-over-year.
Other B.C. cities in the rent report included third-placed Victoria, where the median one-bedroom apartment was $1,180. Victoria’s rent did see a 4.8% decline from last month, but a 7.3% increase since this time last year. Kelowna tied for ninth place with Oshawa, where the median rent of a one-bedroom was $1,030, a 1% increase since last month and a 14.4% increase since last year.
PadMapper collects rental data from the 25 most populous metro areas and the numbers listed in the report are based on data available in the month prior to publication.