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Vancouver’s Average Rents Leap 16% in a Year

With the latest rental data out, it's clear that it's not an easy time to rent in the Rain City
By Andrea Nazarian Oct 17, 2017

Rental rates in Vancouver don’t look like they will be decreasing any time soon.

The median rental price of a one-bedroom apartment in Vancouver has reached a new high of $2,120, according to the latest data released by Padmapper

Vancouver continues to lead the country as the most expensive rental market, with rates increasing 5% from September and 15.8% from October 2016 - the fastest annual growth in the country. 

Story continues below. 

Padmapper Report Oct 17

Toronto followed closely behind, nearly reaching the $2,000 mark at $1,940. Victoria saw the fastest-growing one-bedroom rental rates in the nation on a monthly basis, increasing 5.2% month-over-month to $1,210.

"Overall, of the 25 cities in the October Rent Report, 15 experienced increasing prices, seven decreasing, and three with no change. The top markets stayed relatively stable in rankings this month while mid and lower tiered markets were more volatile. However, in terms of year over year prices, the top 10 markets had some of the largest spikes throughout the whole country," stated the report.

Padmapper calculates its report based on the median rent of all listings advertised on its website in major cities across Canada. See where other cities rank below.

Padmapper Oct 17 report

Andrea Nazarian
Andrea is the Content and Social Media Specialist at Andrea has over five years of multi-industry experience in communications and content marketing. Originally from Toronto, Andrea moved to Vancouver in April 2016 and has been loving the West Coast life ever since.
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