Good Luck Out There, Vancouver's Average Cost Of A One Bedroom Rental Just Hit $2,050
The rental situation in Vancouver is not looking good.
People already know the housing situation is intense in Vancouver, but the actual price behind the average monthly rent is insane. Vancouver currently has the second highest average monthly rent for a one bedroom apartment in all of the country. In addition, four cities in British Columbia made the top 10 list for the most expensive rent in Canada.
Vancouver comes second for the most expensive monthly rent in the country after Toronto, where the average rent for a one bedroom rental PadMapper, which is an apartment rental listing website that analyzes rental data.. That is a seriously high price for rent, but Vancouver was not far behind. The city of Vancouver had an average monthly rent of $2,050 last month in September 2018, according to
PadMapper compared the average monthly rent for a one bedroom apartment in cities across Canada for the month of September 2018, and for Vancouverites or Torontonians, the results were not a pretty sight to behold. According to PadMapper, Vancouver kept its title from previous reports as the second most expensive city to rent a one bedroom apartment in Canada. One bedroom rent prices in Vancouver have been increasing by 2.5% since last month, to reach $2,050.
Two neighbourhoods in the Greater Vancouver Area–Vancouver and Burnaby– made the top five most expensive markets, and four cities in the province ranked in the top 10. Burnaby came in right after Vancouver at third place with a median monthly rent of $1,650 for a one bedroom unit. The average rent in Vancouver rose by 1.5 percent when compared to one year ago and in Burnaby, it rose by 8.6 percent.
But Vancouver takes first in the country for the most expensive rent for two bedroom apartments, which cost on average $3,230 per month. In comparison, Toronto's average monthly rent for a two bedroom is noticeably less than Vancouver's at $2,820, despite already increasing 15.6 percent from the same time last year.
If you're curious to see how the average rent for a one bedroom rental in other cities compares, you can check out the infographic from PadMapper below.
If you're looking to move somewhere with relatively more affordable rent but still want to stay in the province of B.C., you could potentially check out rental options on the island in Victoria or in the Okanagan in Kelowna, where the average rent for a one bedroom apartment is $1,210 and $1,170 respectively. That is almost half of Vancouver's monthly rent prices.
But if you want to stay close to Vancouver, the cheapest place to rent in the province listed on PadMapper's report is Abbotsford. The town is only an hour drive from the city, and is much cheaper in comparison to not just cities in B.C., but other cities across the country. The average monthly rent for a one bedroom in Abbotsford was only $950 in September 2018 and a two bedroom unit is only $100 dollars more at $1,050, which is roughly a third of what it costs in Vancouver.
If you're sick of renting or saving up to instead buy your own place, we do have some good news for you. House prices in Vancouver. But for the bad news, as of now, if you make the median income in Vancouver, only seven neighbourhoods out of 21 have apartments that you can afford based on your income. For more information, check out we wrote about the salary needed to buy a house or apartment in different Vancouver neighbourhoods.
If I want to be sad I look at Vancouver apartment rent prices 🙃— B🌻 (@brynndolfi) August 7, 2018
If you want to find the cheapest rent in all of Canada that is listed on the report, that would be in Windsor, Ontario, where the median rent for a one bedroom is currently only $750 a month. The second cheapest is St. Johns, which is the capital city of Newfoundland and Labrador, with an average monthly rent of $790.
For more information and to view the full report on average rental prices in Canada, you can visit PadMapper's website here. They publish a report every month on rental prices in Canada called The PadMapper Canadian Rent Report, which according to them, uses "rental data from hundreds of thousands of active listings across the country".