Those looking to rent a one-bedroom unit in Victoria can expect to pay five per cent more than the same time last year, according to two newly released reports.
Rentals.ca and Zumper release monthly reports looking at the average price of active listings in regions across Canada. Rentals.ca analyzes 35 markets, while Zumper looks at 23.
Both reports showed that rent in Victoria for a one-bedroom climbed by at least five per cent between April 2023 and 2024, with Rentals.ca showing a 5.4 per cent increase, while Zumper showed an increase of five per cent even.
Rentals.ca says the average price for a listing in Victoria for a one-bedroom unit sits at $2,113, while Zumper puts it slightly lower at $2,100.
Two-bedroom units have also climbed in price according to the reports.
Rentals.ca says a two-bedroom unit will cost $2,769 per month, a 6.3 per cent increase from the year before, while Zumper says the cost is an average of $2,760, which is a 6.8 per cent increase.
Of the 35 markets Rentals.ca analyzes, it places Victoria as the 10th most expensive in the country, while Zumper puts Victoria at fourth out of the 23 cities.
Rentals.ca shows that B.C. had the second-lowest average increase in rents, behind Ontario which actually saw a one per cent decrease. B.C.’s average rent rose by two per cent.
Rentals.ca also noted that April was the three-year anniversary from when rents hit a low in April 2021 due to the COVID-19 pandemic. Since then, Rentals.ca says rents have increased by 32 per cent, reflecting an additional $526 per month for renters.
Zumper says while prices have continued to climb, and are expected to continue, the rise won’t be as dramatic as it was in 2023.
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Laura Brougham
