Rents for two-bedroom units rising faster as tenants seek larger units to work from home Vancouver most expensive city for renters with average rent for a two-bedroom topping $3,000.
The average rent in Canada increased for the third month in a row, rising to $1,752 in July, up 1.8 per cent month over month, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
The average asking rent for all Canadian properties listed on Rentals.ca was down 1.1 per cent year over year in July, but has trended upward over the last few months: In April average annual rents were down 9 per cent; in May they were down 5.7 per cent and in June average rents in Canada were down 2.7 per cent annually.
The market peaked in September 2019 at $1,954, before falling 14.3 per cent to a low of $1,675 in April 2021. The average rental rate has since increased by 4.6 per cent, erasing some of the pandemic-related declines, but average monthly rents are still $200 cheaper than in September 2019.
As the country continues back to normalcy, average rents for two-bedroom condominium and rental apartments are increasing at a faster rate than one-bedroom suites. Tenants continue to show a preference for larger units with many employees expecting to work from home at least part of the time moving forward.