The price of a one-bedroom rental in Vancouver has started to level out after more than a year of persistent declines.
In its Canadian Rent Report for April, Padmapper reported that one-bedroom rents in Vancouver stayed flat on a month-to-month basis for the first time since January 2020. The cost of a one-bedroom residence remained at $1,900 a month, showing no change from March to April.
One-bedroom rents were still down on an annual basis, declining by 11.6 percent. And, when it came to two-bedroom rentals, rent prices dropped on both a monthly (1.1 percent) and annual (13.3 percent) basis to $2,600.
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Since the COVID-19 pandemic began, rental markets in major urban centres have recorded steadily falling prices. Padmapper identified the recent migration of renters looking to take advantage of move-in specials and low rents in Vancouver as the primary cause of the one-bedroom rent plateau this month.
“These new renters moving in evens out the overall demand so we aren’t seeing the trend of continuous decline in rent prices anymore,” explained Padmapper.
Vancouver still leads as the most expensive rental market in the country in both the one- and two-bedroom categories. Toronto, which ranks as the second-priciest city on the list of 24 Canadian communities that Padmapper analyzes, also showed signs of price flattening this month for the first time since January 2020.
One-bedroom rents in Toronto reported a drop of 22.2 percent year-over-year, but showed no change in price month-to-month, staying at $1,750. Similar to Vancouver, Toronto rents for two-bedroom properties declined on a monthly and annual basis, dipping by 2.1 percent and 22 percent, respectively.
Three of the top five most expensive rental cities in the country located in British Columbia. In addition to Vancouver, Burnaby and Victoria made the top-five list, ranking in third and fifth place.
One-bedroom rents in Burnaby increased slightly by 2.4 percent month-to-month to $1,700, but were down annually by five percent. In the two-bedroom category, Burnaby rents remained unchanged from March to April, but fell by 7.2 percent year-over-year to $2,200.
In Victoria, prices declined in both the one- and two-bedroom categories on an annual and monthly basis. Single-bedroom rentals decreased by 3.8 percent month-to-month and annually to $1,540, while two-bedroom units dropped by 1.5 percent both monthly and annually to $1,970.