Rent prices across Canada experienced a drop in the month of April, according to a recent report.
The monthly National Rent Report from rentals.ca for April showed that the average rent prices in Victoria have decreased by 8.7 per cent for apartments and rental condominium apartments.
Out of 33 cities listed in the study, Victoria placed #14 in terms of prices with the first five spots taken up by cities in Ontario and Vancouver clocking in at #6.
According to the report, a one-bedroom apartment in B.C.’s capital city cost an average $1,523 and a two-bedroom cost an average $1,804 in the month of April.
The rental site says the COVID-19 pandemic has impacted rental prices across Canada in the short term, as both apartment and condo rent prices listed decreased by 3.2 per cent and 4.6 per cent respectively in April.
The report finds that large landlords are staying firm on their asking rents, but offering incentives like a portion of the first month’s rent off, or a free month of rent to attract tenants. Meanwhile smaller landlords have been more willing to lower asking rent.
“The sharp monthly declines in the average rental rates in major cities in Canada was stark,” said Matt Danison, CEO of Rentals.ca.
“With the gradual opening of the economy, this may be the low point for rental rates in some time if tenants feel comfortable enough to move.”