Rental costs just keep on climbing.
Victoria remains in its ranking as the third most expensive rental city to live in.
According to a Canadian National Rent Report done by Zumper–who analyzes data from thousands of active listings across the country–the average 1-bedroom rental is up to $2,080 per month.
Just last month Zumper determined the average for a 1-bedroom was $1,970 per month which means the cost of living is continuing to climb in Victoria.
Vancouver has been at the top of the most expensive cities to live in list for some time now. They however, remained steady at $2,500 per month. The same average cost as last month.
Victoria’s average of $2,080 is an increase of 30.6% from this time last year. In October 2021, a 1-bedroom would cost about $1,425 per month.
According to the Zumper report the average 2-bedroom in Victoria is also on the rise at $2,700 per month compared to last month’s numbers of $2,550 per month.
Many say the rule-of-thumb is that people should only spend one third of their monthly income on housing.
If Victorians abide by this rule, the average renter would have to make more than $6,000 per month–so more than $72,000 per year. That’s just over $35 per hour.
With elections coming up this Saturday and almost every candidate making affordable housing a platform priority, it will be interesting to see how these numbers fluctuate when initiatives are put into place.
Related:
Rental woes: The price of a 2-bedroom in Victoria is up 20.3% since this time last year
