Rental rates in Victoria have once again experienced a month-over-month increase.
According to Zumper, a rental data analysis firm as well as resource to find rental options, the average one-bedroom rent in Victoria over the last month has increased slightly to $2,020.
However, the cost of two-bedroom units’ has risen by 3% on average to $2,750.
These figures continue to put Victoria at the fourth most expensive city in Canada to rent.
The national rental market continues to experience upward pressure on prices.
One-bedroom rents across Canada increased by 2% to reach a median of $1,870 in August, while two-bedroom rentals saw a 2.3% increase, settling at a median of $2,337.
This represents a year-over-year spike of over 15% for both one and two-bedroom rental rates.
The soaring demand for rental housing, driven by population growth and high mortgage rates, is significantly outpacing the available supply.
As a result, rental prices are expected to continue their upward trajectory through the fall, pending increased housing construction.
Notably, the cost of two-bedroom rentals in Victoria has increased by 7.8% compared to the same period last year.
Vancouver, Toronto, and Burnaby claimed the top three spots as the most expensive rental markets in Canada.
Each of these cities reached record-high rent rates in August, with year-over-year growth rates either in line with or significantly higher than the national average.
Vancouver, in particular, shattered its highest rent record for the 4th consecutive month, maintaining its position as the most expensive city for renters in Canada.
Kelowna also made its way into the top 10 markets, tying with Hamilton, thanks to a 6.1% monthly growth rate.
With rental rates on the rise across Canada, renters in Victoria and other major cities continue to face significant challenges.
As demand continues to outstrip supply, many Canadians are closely monitoring the housing market for signs of relief in the months ahead.