Rents for one- and two-bedroom apartments and condominium rentals are down year over year, while the average rent for all Canadian properties has remained almost the same the last three months of August, July and June, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
In August, the average rent for all property types listed on Rentals.ca in the country was $1,769, down $2 from July’s $1,771 and $1 from June’s $1,700. The August average monthly rate is down 7.6 per cent annually.
Burnaby finished 12th on the list for 40 cities for average monthly rent for a one-bedroom home in August at $1,680 and eighth for average monthly rent for a two-bedroom at $2,185.
Burnaby came in 13th for cities with the most online pageviews on Rentals.ca showing which cities renters are looking around, thinking of moving or having to move.
Vancouver continues to lead the list of Canadian cities with the highest average monthly rent for a two-bedroom home in August at $2,709.
But the city finished sixth on the list of 40 cities for average monthly rent for a one-bedroom at $1,872.
This is the third straight month Vancouver average monthly rents for both a one-bedroom and two-bedroom home have declined year over year.
In Vancouver and Toronto, the average asking rent for a condominium apartment is over $400 per month cheaper in August 2020 compared to August 2019. In Montreal it is almost $350 cheaper.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada. This month's report charts rents for 40 cities across Canada.