The average cost to rent a one-bedroom Vancouver apartment decreased 2.3% month-over-month in April, according to new PadMapper data.
PadMapper looks at median rents for all homes that are currently available to rent or vacant. It does not include those homes that are already rented out.
The average cost of a one-bedroom apartment was $2,100 in Vancouver. Toronto, now Canada’s most expensive city for this home type, saw an average cost of $2,200.
“The two most expensive markets [in Canada] continued their downward trajectories as the effects of COVID-19 became more pronounced on rent prices,” PadMapper said in a report.
Rentals.ca, a Canada-wide apartment listing site, also attributed the drop in prices to the current pandemic.
“There has been much talk about COVID-19’s impact on the short-term rental market with travel restrictions in place,” Rentals.ca said in a press release. “This can play out with more furnished apartments listed for long-term renters.”
According to PadMapper, the cost to rent a two-bedroom apartment in Vancouver remained the same in April ($3,000), while Toronto’s average price fell 4.1% to $2,830. Vancouver remains the most expensive city in Canada in which to rent a two-bedroom apartment.
Year-over-year, Vancouver one-bedroom rents fell 1.4% while two-bedroom rents dropped 2.9%.
The top 10 highest rents across Canada in August (source: PadMapper):