According to the national rent report done by Zumper, a data-driven platform to find rental units, Victoria is moving down the list of Canada’s most expensive cities to rent in.
Zumper predicts that some relief will be coming to renters in 2024; however, prices will likely still be consistently on the rise.
Because there is a record-low vacancy rate across the country of 1.5%, competition is at an all time high.
In some cities like Edmonton, Alta, the low vacancy rate has driven rent up by around 27% year-over-year.
The same thing is taking place in Halifax, NS, which is why they have moved up the list to be tied for fourth most expensive Canadian city to rent in.
Coming in first, second and third were Vancouver; Toronto, ON; and Burnaby respectively.
According to Zumper, overall the national rent growth has been consistently decelerating for five months straight now.
This may be caused by a slow moving season, as people are more likely to move in the warmer months of the year, but nonetheless, the rent price growth rate is down from 9.4% to 7.9%.
On a national level, the average one-bedroom in Canada costs around $1,884 per month while two-bedrooms go for around $2,338 per month.
In Victoria specifically, the average cost of a one-bedroom is $2,040 per month and the going rate of a two-bedroom unit is $2,670.
Year-over-year, one-bedrooms’ rates are down by 1.9%; however, since last month, rates have risen by 1%. Two-bedrooms’ rates have gone up both by month and year-over-year.
When looking at Zumper’s listings in Victoria and surrounding municipalities, these averages hold true with some outliers that are either above or below, ranging from around $1,700 to $2,300 per month for a one-bedroom.
