Metro Vancouver renters feeling highest financial crunch in the country

Metro Vancouver has always been tough on renters thanks to low vacancy rates and a lot of competition, but the cost of renting continues to skyrocket.

The national report from Rentals.ca shows Metro Vancouver has the highest average rents in the country.

Renting a single bedroom place in the region last Monday set locals back an average of $2,300 a month. That’s up 18 per cent from last year.

The year-over-year increase is almost 25 per cent for those renting a two-bedroom unit which goes for about $3,300 a month.

The report also found Vancouver had the highest average apartment rent (at about $2,750 per month) compared to other Canadian municipalities. Toronto follows with about $2,300 a month and Etobicoke at $2,175 per month.

Vancouver was one of a handful of municipalities that experienced significant month-over-month increases in average rent with 3.3 per cent monthly increase.

(Courtesy rentals.ca)

Nationally, the cheapest places to rent are Saskatoon, Red Deer and Regina.

The national average rent for a one-bedroom place is about $1,500 while two-bedroom unit is just under $2,000.