The average rent in October for all property types in Canada was up 1.6 per cent year over year to $1,800, the first annual percentage increase this year, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
Burnaby came in 10th on the list for average monthly rent in October for a one-bedroom home at $1,759 and sixth for average monthly rent for a two-bedroom at $2,280.
Year over year, average monthly rent in October for a one-bedroom in Burnaby was up 6.7 per cent and up 1.5 per cent for a two-bedroom. Month over month, average rent in Burnaby was down 4 per cent for a one-bedroom and down 3.6 per cent for a two-bedroom.
The average rental rate is up $31 or 1.8 per cent over last month, and up $125 or 7 per cent over the April low of $1,675.
Rental rates across Canada are rising after a tumultuous 2020, posting steady increases over the past several months -- good news for landlords and bad news for tenants who are already experiencing inflation elsewhere.
Vancouver topped the list of 35 cities for average monthly rent in October for a one-bedroom home at $2,216 and for average monthly rent for a two-bedroom at $3,057.
Year over year, average monthly rent in October for a one-bedroom in Vancouver was up 16.6 per cent and up 12.7 per cent for a two-bedroom. Month over month, average rent in Vancouver was up 2.8 per cent for a one-bedroom and up 4.3 per cent for a two-bedroom.
Year over year, Vancouver average monthly rents for all property types in October were up 11 per cent to $2,573, after being down annually in October 2020 by 5 per cent to $2,318.
Vancouver average rents for condo rentals and apartments were up 15 per cent for a one-bedroom ($2,203) and 13 per cent for a two-bedroom ($3,163) in October after being down 3 per cent and 6 per cent respectively in October 2020.
The average rent in British Columbia was $2,184 per month in October, the highest in the country. Average rents are up 6 per cent annually and 11 per cent from October 2019.
A tenant paid on average about $260 more in rent in October to go from a studio to a one-bedroom unit. And, a tenant looking to upgrade from a one-bedroom to a two-bedroom unit spent about $320 more on average. A third bedroom cost a tenant about $380 more, and a fourth bedroom cost $640 more in October.
