According to a recent analysis of Victoria’s rental landscape, the average cost for one-bedroom and two-bedroom units have dropped since this time last year.
Zumper, a rental platform and analysis has published their latest rent report, which breaks down how prices are fluctuating in all major markets throughout the country.
Their data shows that Victoria has fallen to be the fifth most expensive city in Canada to rent in, just behind Halifax, Toronto, Burnaby, and Vancouver.
According to Zumper’s rent report, one-bedrooms in Victoria currently cost around $2,020 per month. This is 6% lower than the previous month and 6.5% lower than this time last year.
Two-bedroom units currently go for $2,790 per month. While this figure hasn’t changed since last month, it is 3.8% lower than two-bedrooms cost this time last year.
Halifax crept in just ahead of Victoria this month for the first time since last year, with one-bedroom rents costing around $2,100 per month and two-bedroom units costing around $2,610, slightly lower than Victoria’s rates.
The most expensive city to rent in throughout Canada remains Vancouver. There, a one-bedroom unit goes for around $2,500 per month and a two-bedroom costs $3,490 per month.
Meanwhile, the least expensive city to rent in has also changed in this month’s rent report. Regina has climbed two positions up the ladder, leaving Edmonton as the city wth the most inexpensive rent.
In Edmonton, a one-bedroom unit costs around $1,310 per month, and a two-bedroom goes for around $1,660.
According to Zumper, the average price for rent throughout the whole of Canada has also dipped slightly, by 0.7% since last month to $1,821 per month. Canada-wide average rent for two-bedrooms also dropped 0.4% to $2,242.
Year-over-year, Zumper’s data shows that one and two-bedroom rents are down 4.2% and 4.3%, respectively.
“Rent prices across Canada continue to cool, with this report marking the tenth consecutive month of annual declines,” wrote Crystal Chen, Zumper rent analyst.
“The slowdown reflects a convergence of market dynamics: growing housing supply, a moderation in population growth, and persistent affordability challenges are all putting downward pressure on rental costs.”
With Victoria moving down to fifth most expensive city, it will be interesting to see if that holds, or if it is only a temporary shift in rental cost averages.
