Rental rates in Vancouver show biggest annual drop in years
Posted June 15, 2020 5:32 pm.
Last Updated June 15, 2020 5:33 pm.
VANCOUVER (NEWS 1130) — Renting a one bedroom apartment in Vancouver is five per cent cheaper than it was at the same time last year, but the median price remains $2,100.
Prices in Vancouver are the same as they were in May but Padmapper’s June 2020 Rent Report shows the biggest year-over-year drops in the city for both one and two-bedroom units since it started collecting data in 2016.
The price for a two-bedroom has gone down by 6.3 per cent, with the median price remaining $3,000.
Nationwide, rents stayed flat or trended downward, and this is expected to continue.
“As many renters nationwide suffered financial setbacks from the pandemic, rents throughout Canada have been faced with downward pressure post-COVID and this will only continue in the coming months. Landlords will need to price down units and/or offer incentives, like a free month’s rent with a 12-month lease, in order to fill vacancies,” the reports says.
Elsewhere in B.C. prices in Burnaby had a modest 1.1 per cent decline month-over-month, whereas prices in Victoria remainined static.
Year-over-year, however, rents in Victoria are up 15 per cent.
