Two-bedroom apartments in Vancouver cost a whopping $3,049, report finds
This month in Vancouver, the average monthly rent for a two-bedroom apartment costs a staggering $3,049, while a one-bedroom costs a steep $2,208. In may, the average two-bedroom cost $2,915.
However, Vancouver was ranked second-highest for the average rent per square foot for condo and apartment rentals in July at $3.40, with a unit size of 746 square feet. Toronto was ranked first at $3.60 per square feet, with an average unit size of 750 square feet.
One of the projects with the highest rents on Rentals.ca in Vancouver is at 1295 Richards Street in the downtown area of Vancouver west at $4.69 per square feet. This is $1.19 higher than what the average is in Vancouver.
The report also notes that, “affordability for low-income renters is getting worse, as 10th percentile rent inflation is very high.”
However, the average property that would be listed on Rentals.ca across Canada in the month of July had an average of being rented for $1,928 per month, this is decreased 1.3% from June. However, the properties listed in Vancouver saw an increase of 9% over last month.
“As expected, changes to the mortgage stress test last year pushed everyone down a rung on the property ladder, resulting in the highest rent growth occurring at the 10th percentile,” said Ben Myers, president of Bullpen Research & Consulting.
“This means the people who can least afford an increase in their monthly housing costs are the ones being subjected to the highest rent inflation.”
Ontario also had the highest rental rates on a provincial level. British Columbia was third, with an average asking rent of $1,889 per month. This figure represents an increase of 2% month over month, following June’s 3% monthly increase.
If you would like to learn more about the average rental prices in Vancouver, please do not hesitate to contact with RentYVR agents [email protected] or call us at 778.888.8862 and make an appointment, or please register to our VIP Client list and we will inform you about most of the real estate that can effect your investments portfolio.