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Victoria rent skyrockets 22% in a year, remains fourth worst in Canada

The latest report from Zumper puts average one-bedroom rent at $2,150 in December
Average one-bedroom rental prices in Victoria are up 22 per cent in December compared to December 2021, according to the latest national rent report from Zumper. (Black Press Media file photo)

The rental market in Victoria remains among the most expensive in Canada and prices have increased just over 22 per cent in a year, according to the Canadian Rent Report for December from Zumper.

The report, which looks at the median listed rental price for one- and two-bedroom apartments in the 24 most populous metro areas across the country each month, found the average one-bedroom unit rented for $2,150, while a two-bedroom rented for $2,540.

Burnaby ranked as the third most expensive rental city in Canada, with a one-bedroom renting for $2,230, and a two-bedroom for $3,140.

Toronto took the number two spot at $2,260 and $2,840 respectively, while Vancouver sat as the most expensive rental market with average rents of $2,470 and $3,500 respectively.

According to the report, 2022 saw demand for rental properties skyrocket as pandemic public health restrictions were lifted, but the lack of supply has meant rent prices have increased as well.

Victoria was tied with Toronto for having the fifth-highest one bedroom rent increase between Dec. 2021 and Dec. 2022 at 22.2 per cent, while Kingston, Ont., came in at fourth with rent increasing by 26.9 per cent.

Calgary, Alta. saw rent increasing by 27.1 per cent, good for the third-highest increase, while Halifax, N.S. took second with an increase of 27.4 per cent.

London, Ont. saw the highest rent increase at 32 per cent.

St. John’s N.L. saw the lowest average rent prices in the report, with a one bedroom renting for $880, a two bedroom for $990, and one bedroom rent decreasing by 1.1 per cent.

READ MORE: Renting increased by three times the rate of home ownership in last decade: RBC

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