Rental rates are down for the ninth straight month in Vancouver compared to a year ago, but that trend may be changing.
According to a national report from Rentals.ca, the average apartment rates for Vancouver reached just over $3,100 for August.
When looking month-to-month, rates have been creeping up steadily since spring.
With Vancouver still the most expensive city in Canada for rentals, it’s no surprise there’s a lot of pressure on shared accommodation. Giacomo Ladas with Rentals.ca breaks down the numbers for B.C.
“The highest rent for shared accommodations is $1,211 a month. So, even if you have a roommate in British Columbia, you’re paying about $1,200 a month. In Vancouver, almost $1,500 a month for a roommate,” he explained.
And while it’s still a lot of money, Ladas explains it’s about half of what you’d pay if you were to rent on your own.
“You’re not doubling the rent, but in theory, you can make your rent half because you can share it,” he said.
While Vancouver remains the most expensive place in the country to rent, the rental agency says markets across B.C. are catching up.
“These secondary markets, we might be seeing a point in time where even these are now becoming too expensive, as they’re matching their Vancouver and Toronto counterparts,” he explained.
According to Rentals.ca, Burnaby is the second most expensive place in the country to rent. Surrey came in at number five, and Kelowna rounded out the top 10.