Saturday, July 20, 2024

Rental woes: Rent in Victoria has risen for both one and two bedroom units

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Here we go again…

Despite the ban on short-term rentals bringing some units onto the market over the past couple months, the average cost of rent continues to rise. 

A recent analysis of the rental market in Victoria has found that the average cost of rent has risen for both one and two bedroom units in Victoria. 

According to Zumper, an online platform to find available rental units, since last month one bedroom units have risen by 3.8% to $2,180 per month, while two bedroom units have risen by 4.1% to $2,780 per month. 

Year-over-year, one and two bedroom units are 9.5% and 9.9% more expensive, respectively. 

This cost of rent makes Victoria the fourth most expensive city to live in across Canada, with Vancouver being the most expensive, followed by Toronto and Burnaby. 

In Vancouver, a one bedroom unit costs an average of $2,650 while a two bedroom costs around $3,800. 

Meanwhile, at the other end of the spectrum is Regina, the least expensive major city to rent in throughout Canada. 

In Regina, a one bedroom unit costs around $1,240 and a two bedroom costs exactly double that on average, at $1,480. 

According to a report done in early 2024 by the Canada Mortgage and Housing Corporation (CMHC), Greater Victoria has a vacancy rate of only 1.6%—one of the lowest in the country. 

Have you been house-hunting lately? Do these numbers reflect what you’ve seen on the market? Let us know in the comments!

(Zumper)
mm
Curtis Blandy
curtis@victoriabuzz.com

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