Vancouver rent hits all-time high with $2,700 average for 1 bedroom

If you’re looking for a home to rent in Vancouver, you might be in need of a tissue to wipe those tears away.

According to the latest Canadian Rental Report from Zumper, the median rental price has hit an all-time high in the city.

It says a one-bedroom rental in Vancouver will now set you back $2,700 per month — an increase of about 20.5 per cent year over year.

Zumper says compared to last month, rents in June have risen almost four per cent.

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“Canada’s demand for rentals is considerable with [five] million renters competing for two million purpose-built units, which is putting significant upward pressure on rent prices,” Zumper said Thursday.

The analysis of rental data also shows that folks looking for a rental in Calgary are also feeling the squeeze. Zumper says rentals in that city rose almost 40 per cent year over year, to $1,770 per month for a one-bedroom.

The average cost of a two-bedroom unit in Vancouver now sits at $3,750, a decrease of 1.3 per cent since last month.

Burnaby continues to be the second-most expensive city in B.C., and third in Canada, with a median rental price of $2,360 per month for a one-bedroom — just $40 less than the median price of a home in Toronto.

And while Vancouver is still the most expensive city in the country, what about the cheapest major city? Regina came in at 23rd place, with a median rental price of $1,080 per month for a one-bedroom. A two-bedroom in that city is showing to be $1,350 per month.

–With files from Mike Lloyd