Victoria remains an expensive city for renters, according to recently released rent report.
According to the latest National Rent Report from rentals.ca, rental rates across the country have dipped 7.1% as whole over the past year, but average monthly rent in Victoria still trends high in terms of price.
The report states that average monthly rent in Victoria in December for a one-bedroom home clocked in at $1,537, with average monthly rent for a two-bedroom being $2,059.
In a list of Canada’s metropolitan cities, Victoria came in at twelfth highest average rent for a one-bedroom, and tenth highest rent for a two-bedroom home.
Vancouver had the most expensive average monthly rents of the 35 cities on the list for December for both a one-bedroom home at $1,855 and for a two-bedroom at $2,635.
In British Columbia, Richmond finished fifth on the list for average monthly rent for a one-bedroom home at $1,730 and ninth for average monthly rent for a two-bedroom at $2,082.
Burnaby came in eighth for average monthly rent for a one-bedroom home at $1,676 and fifth for average monthly rent for a two-bedroom at $2,186.
New Westminster finished fourteenth on the list for average monthly rent for a one-bedroom home at $1,511 and 16th for average monthly rent for a two-bedroom at $1,852.
Surrey came in nineteenth for average monthly rent for a one-bedroom home at $1,403 and 18th for average monthly rent for a two-bedroom at $1,744.
North Vancouver was not included on the list, but average monthly rent for a one-bedroom in the city was $1,871, and average monthly rent for a two-bedroom was $2,545.
Despite the above, Vancouver’s average monthly rent for apartments and condo rentals was down 6.7 per cent over the past year.
In terms of the pandemic, average monthly rent for three-bedroom units trended higher in 2020 than in 2019 and 2018, which might suggest that the forced work-from-home era saw adding square footage for a home office was in demand.
