The cost to rent an apartment in Vancouver remains higher than anywhere else in Canada, and the average rent for a one-bedroom unit hit a new record in May, according to PadMapper’s latest rent report.
A one-bedroom apartment rented for, on average, $1,940 in Vancouver this month, which is a 2.1% increase compared with April and 1.6% year-over-year. For a two-bedroom unit, the average rent reached $3,240 – up 1.3% in the month but down 5.3% year-over-year.
Canada’s second-highest average rents were once again found in Toronto, at $1,750 and $2,250 for one- and two-bedroom apartments, respectively.
Victoria saw one of Canada’s biggest increases over the past year for average two-bedroom rent; in May, it cost $1,450 to rent this home type, up 15.1% year-over-year. One bedroom apartments rented for $1,240, on average, this month.
Top 10 highest rents across Canada in May (source: Padmapper):
@EmmaHampelBIV
