Average rent in Victoria, Nanaimo rise from May 2023

Average rent in Victoria, Nanaimo rise from May 2023
A for rent sign is displayed on a house in Ottawa on Friday, Oct. 14, 2022.

The average rent listing prices in Victoria and Nanaimo have risen from May 2023, though Nanaimo saw a slight dip from the month before, according to a new report.

Rentals.ca puts out a monthly report looking at average rent prices in 35 Canadian cities including Victoria and Nanaimo. Zumper also releases a monthly report, looking at 23 cities including Victoria.

Victoria rental listings increase in price

Rentals.ca shows prices in Victoria for a one-bedroom apartment rose 2.6 per cent in May from the month prior and six per cent from May 2023. The average listing price is now $2,168.

A two-bedroom apartment will set you back 2.7 per cent more from the month prior and 8.7 per cent more from May 2023 for an average cost of $2,844.

Zumper’s report shows similar increases with one-bedroom units seeing a 3.8 per cent rise from the month prior and 9.5 per cent from May 2023 for a cost of $2,180. Two-bedroom units increased 4.1 per cent from April and 9.9 per cent from May 2023, listing at an average of $2,780.

Rentals.ca lists Victoria as having the eighth most expensive rental listings in the country, while Zumper places Victoria in fourth place.

Nanaimo sees 21st most expensive rental listings

Rentals.ca says a one-bedroom unit in Nanaimo is listed at an average of $1,776, which is a one per cent decrease from April and a 8.2 per cent increase from May 2023.

A two-bedroom unit lists at an average of $2,175 which is the same as the month before and a three per cent increase from May 2023.

National listing average continues to climb

The trend of rising rental prices is something both reports show across the country.

According to Rentals.ca, listings for all units across the country rose by an average of 9.3 per cent, with an average of $2,202 year-over-year.

Bachelor units saw the highest increase with a 15.7 per cent increase, followed by two-bedroom units with a 12.1 per cent increase.

Zumper notes that Canada’s record-low vacancy rate coupled with the country’s working population growing by 47 per cent will continue to put upwards pressure on rents.

READ MORE FROM MAY: Victoria rent for 1-bedroom sees 5% increase from last year

Laura BroughamLaura Brougham

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