Rent for two-bedroom units up by 7.9% in Victoria since this time last year

Once again, Victoria ranks as the fourth most expensive market to rent across Canada, according to the most recent rent report from Zumper. 

Zumper’s monthly rent report analyzes hundreds of thousands of listings, examining the median rent prices across the 23 largest cities in Canada to determine the latest rental trends.

According to their data, Victoria’s rent is higher for both one and two-bedroom units since last month. 

The average one-bedroom unit’s rent has increased by 4.3% since this time last month to $2,160 per month. This is an increase of 2.9% since this time last year, according to Zumper. 

For two-bedroom units, the average rent has increased by 4.7% since last month to $2,880, which is an increase of 7.9%, year-over-year. 

While Victoria remains the fourth most expensive city to rent in overall—considering all factors for one and two-bedroom units—the city’s two-bedroom rental cost is actually the third most expensive in Canada. 

Vancouver, Burnaby and Toronto all continue to be the top three most expensive cities for rentals in Canada, according to the rent report. 

Zumper says that Vancouver is the most expensive, with an average one-bedroom going for $2,520 per month and a two-bedroom going for around $3,450. 

Meanwhile, the least expensive city on Zumper’s rent report is Regina, where the average one-bedroom unit costs $1,240, and a two-bedroom goes for around $1,450. 

When zooming out and looking at the median rent cost in Canada as a whole, Zumper found that one-bedroom units stayed flat at $1,835 last month, while two-bedrooms declined 0.7% to $2,249. 

“This report marks the 5th consecutive month of accelerating declines in annual rates for both bedroom types,” wrote Crystal Chen, Zumper rent analyst.  

“The continued and intensifying downward trend is likely driven by a mix of growing supply and softening demand. High cost-of-living pressures, especially in Canada’s most expensive rental markets like Vancouver and Toronto, have kept many renters cautious, leading to slower leasing activity.”

Chen added that recent restrictions on international students and temporary residents have slowed population growth, while new rental completions and purpose-built rentals should lead to a market correction over the next several years.