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Average Vancouver Rent Remains Highest Across Canada
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(Posted on Mar 17, 2017 at 07:10PM by Michelle Bogle)
It will still cost more to rent an apartment in Vancouver, British Columbia, than in any other major Canadian city, according to a March 2017 Canadian Rent Report by the apartment website PadMapper. But, not by much, as it appears the gap may be closing.
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This is especially true for two-bedroom units. The average Vancouver rent for this home type remained unchanged in March at $3,130 – the highest in Canada. Trailing close behind was Toronto at $2,160, making the average two-bedroom rent 45% higher in Vancouver. At the beginning of the year, that gap was 60%.
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For one-bedroom apartments, the average Vancouver rent also remained stable in March at $1,900. This was just under 12% higher than the average of $1,700 in Toronto.
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Elsewhere in B.C., the average rent for a one-bedroom apartment dropped 3% in March to $1,250, while two-bedroom rents jumped 4.8% to $1,540.
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To view the March 2017 Canadian Rent Report, please click here.
For all other inquiries related to the Lower Mainland’s multi-family market, including investment opportunities, please contact Marcus & Millichap’s Vancouver office to speak with one of our highly skilled commercial real estate advisors. The time to invest is now!
For all other inquiries related to the Lower Mainland’s multi-family market, including investment opportunities, please contact Marcus & Millichap’s Vancouver office to speak with one of our highly skilled commercial real estate advisors. The time to invest is now!
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