Victoria has the third-highest rent prices for a two-bedroom unit in the country, according to the Rentals.ca March 2022 Rent Report.
The rent report analyses rent prices listed on Rentals.ca.
A two-bedroom rental unit costs an average of $2,667 in March, which is up just over five per cent from February.
A one-bedroom unit comes in at ninth-highest at an average price of $1,661, up just under eight per cent from February and three per cent since March 2021.
B.C. now has the highest rental prices, reaching an average of $2,200 in the province, while the national average is $1,818.
Graphic courtesy Rentals.ca
For two-bedroom units, Vancouver comes in first highest with an average cost of $3,050, and Toronto comes in second with an average price of $2,778.
Rentals listed on the website have experienced an average increase in prices for six straight months, according to Rentals.ca.
“On an annual basis, tenants are looking at rent that is over $100 more on average in March, compared to a year earlier, when the rental market was close to its lowest point during the pandemic,” said Ben Myers, president of Bullpen Research & Consulting in a news release. “However, the pace of growth has cooled, with relatively flat rents over the last four months. Higher interest rates and a cooling ownership housing market could push more demand into the rental market this spring.”
Laura Brougham
