Rental rates are rising in Greater Victoria (Black Press File Photo)

Rental rates on the rise despite increase in vacancy rate

Vital Signs report shows rising costs unsustainable compared to average incomes

House hunters will have more options to choose from, but the rental rate is on the rise.

This information comes from Victoria’s 2019 Vital Signs report; the Vital Signs report is an annual community report that measures the vitality of the area buy comparing data from a variety of resources. It is produced by the Victoria Foundation, and compares results to the United Nations Sustainable Development goals to grade how the city is doing

According to the report, in 2018 the vacancy rate nearly doubled from 0.7 per cent in 2017 to 1.2 per cent in 2018.This increase is due to several factors, including a rise in purpose-built rental units in the Capital Region.

READ MORE: Rental vacancies are rising across Greater Victoria, but so are rent

In the same time period, however, the rental rate had a significant increase of 7.5 per cent.

The average rent for all types of units in 2017 was $1,072, but jumped to $1,170 in 2018. The average rents ranged from $926 for a bachelor suite to $1,647 for a three-bedroom suite.

Vital Signs examined what the required rental wage would be required to afford these units. A rental wage refers to the hourly wage a full-time working individual would have to make to not spend more than 30 per cent of their income on their accommodation.

ALSO READ: Vancouver, Victoria, Kelowna home to Canada’s most expensive rentals: report

For a one-bedroom unit, the rental wage is $21.33 while a two-bedroom unit requires $28.47 per hour.

An hourly rate of $21.33 would garner someone a yearly income of around $43,000, however the average individual income in Greater Victoria is $37, 481.

Minimum wage in B.C. is $12.65 per hour.


 

nicole.crescenzi@vicnews.com

Like us on Facebook Send a Tweet
and follow us on Instagram

Just Posted

PHOTOS: Thousands show for 40th GoodLife Marathon in downtown Victoria

New records, first-time runners, and stories of resilience

Mother of alleged hit-and-run victim hopes municipalities will work together to improve crosswalk

Young woman injured, dog killed when struck by driver on marked crosswalk at Foul Bay Road

Here comes the rain: Victoria can expect post Thanksgiving showers all week

Mild, rainy weather expected from Tuesday to Saturday

Opponents of Elizabeth May criticize her push to scrap temporary foreign worker program

May has proposed to scrap the federal program which supplies local business with temporary workers

Victoria woman uses loss to raise awareness of Pregnancy and Infant Loss Awareness Day

City of Victoria to recognize Pregnancy and Infant Loss Awareness Day Oct. 15

VIDEO: Greater Victoria, here’s the news you missed this weekend

Dog killed in alleged hit and run, Goodlife Marathon takes over city and more

Canadian Snowbirds plane crashes before air show in Atlanta

Pilot lands safely after ejecting from jet

Share crash data, private insurers tell David Eby, ICBC

B.C. monopoly makes drivers retrieve their own records

B.C. VIEWS: Wolf kill, not backcountry bans, saving caribou

B.C.’s largest herds turn the corner from extinction

Pearson nets shootout winner as Canucks clip Flyers 3-2

Vancouver picks up second straight home win

Map on Elections Canada website sends Nanaimo-Ladysmith voters to landfill

Address for polling station correct, but Google Map address differs

BC Children’s Hospital launches 2 new virtual care sites bringing total to 19 across province

Provincial initiative allows pediatric patients to see health specialists through video

‘Wham-bam out the door’: Surrey man’s front yard left ruined by scamming landscaper

Resident warns neighbours to be careful of door-to-door salesmen

Most Read