Median rent for 1-bedroom hits $2,090 in Vancouver: rental site
The median cost of renting a one-bedroom apartment in Canada's most expensive market has topped $2,000, a listings site suggests.
A monthly report released by PadMapper this week found that the median listing price for one-bedrooms in Vancouver was $2,090 per month in June.
The rate is the highest the site has seen in a year of rankings, up 15.5 per cent from the same month last year when the median for active listings was $1,740 per month. June's median is also up 2.5 per cent from the previous month's of $1,950.
A quick search of PadMapper's listings on Tuesday revealed 21 apartments listed in the city for monthly rates between $2,000 and $2,100.
Those looking for more elbow room were asked to shell out a median of $3,230 for a two-bedroom, up 2.5 per cent over the same period last year and the same increase from last month.
The asking price for two-bedroom units was at a median of $2,750 in June 2016, and prices were decreasing at that time.
The median rates were calculated from approximately 1,400 listings that were active in June within the City of Vancouver.
Unsurprisingly, Vancouver is most expensive city in Canada in terms of rentals, based on the cities PadMapper included in its data. The site did not include listings from Canada's North – where availability is scarce and rates are often comparable to, or higher than, Vancouver's – in its analysis.
Toronto came in second with a one-bedroom median rate of about $1,800, and Barrie, Ont., a city about 100 kilometres from Toronto's downtown core, came in third at $1,210 per month. Canada's capital was in sixth place, where renters were asked to shell out median rent of $1,080 per month for a one-bedroom unit.
Other cities in B.C.
While Vancouver was by far the most expensive city, the province's capital saw a bit of relief in terms of rental rates.
Victoria fell from fourth most expensive to fifth, thanks to a dip in median rates for one-bedrooms of 5.1 per cent from last month. The median in Victoria was $1,120 per month for a one-bedroom apartment, and $1,410 for a two-bedroom.
While the medians were down from the month before, the asking price of a one-bedroom was still 12 per cent higher than it was this time last year. Two-bedrooms are 6 per cent higher than last year, and 0.7 per cent higher than last month.
Kelowna came in eighth place in the ranking, at $1,050 for a one-bedroom and $1,620 for two.
The site did not compare rates in other cities in the Lower Mainland or the rest of the province.