The COVID-19 pandemic is having an impact on Burnaby’s rental housing market.
And not in a positive way, of course.
PadMapper just released its latest Canadian National Rent Report from March analysis of listings.
“There is no doubt that COVID-19 is impacting the real estate market so we wanted to use this month’s rent report to share some data points and insights on what rental trends we are seeing in reaction to this outbreak in addition to the usual national rent prices,” said a news release.
The report analyzed hundreds of thousands of listings last month to examine median rent prices across the 24 largest cities in the country.
In Burnaby, the demand for apartment rentals dropped 10% last month. Meanwhile, short-term inventory hasgrown about 20%.
Burnaby ranked as the third-most expensive rental market in the nation last month with the prices of one and two bedrooms settling at medians of $1,790 and $2,370, respectively.
Notably, the price of one bedrooms in this city is up 14% since this time last year.
The full report and discussion can be found here: https://blog.padmapper.com/canadian-rent-trends
