As costs continue to climb, the rental market is no exception, according to a recent analysis of available units in Victoria.
July’s rent report conducted by Zumper, an analysis firm and online platform to find rental units, says that Victoria is once again ranked the fourth most expensive city to rent a home in Canada.
Their report says that a one-bedroom unit’s rent has declined marginally by 0.5% to $2,170 per month, while two-bedrooms grew 4% to $2,890 per month since May.
Additionally, since this time last year, one-bedrooms are up by 7.4% and two-bedrooms have climbed by 10.3%.
Ranked at the number one most expensive city to rent, is Vancouver.
According to the report, the going rate for a one-bedroom in Vancouver is $2,700, while a two-bedroom unit is at $3,790 per month.
Of the 23 cities analyzed, the report says Regina, Saskatchewan is the cheapest to live in.
In Regina, a one-bedroom is $1,270 per month and a two-bedroom is $1,530.
Even though it’s the cheapest city, these figures are still on the rise since this time last year. Zumper says Regina rentals are 11.4% and 13.3% more expensive for one and two-bedroom units respectively.
Related:
- Locally-made online platform matches Victoria renters and landlords like a dating app
- BC launching website that will protect renters from being evicted in ‘bad-faith’
- Study finds a quarter of British Columbians spend over 50% of their income on rent
In Canada as a whole, Zumper says that for the first time ever, the average cost of rent has reached $1,900 per month.
This is up by nearly 20% since two years ago.
How are you finding the rental market in Victoria? Do you think it is sustainable to live here or are you planning on moving somewhere cheaper to have a better quality of life?
Let us know in the comments!
