Two rental reports show that prices for two-bedroom units in Victoria have dropped 1.8 per cent from the month before.
Rentals.ca and Zumper put out monthly rental reports for various cities across Canada, and while both agree that the November rent decreased for two-bedroom units, the year-over-year prices have increased.
Comparing November 2023 to November 2022, Victoria rental prices for a two-bedroom are 7.9 per cent more according to Zumper and 4.2 per cent more according to Rentals.ca.
READ MORE FROM THE OCTOBER RENT REPORTS: Victoria rent prices down slightly, national average ticks up
Rentals.ca says the price of a two-bedroom unit in Victoria now sits at $2,786 and Zumper says the price is $2,740. Both reports look at active listings, not rent in occupied units.
Though the two reports paint similar pictures of the market for two-bedroom units, their outlooks for one-bedroom units are different.
Zumper puts the price of a one-bedroom unit at $2,000, which is a 4.3 per cent decrease from October, and a seven per cent decrease from November 2022. On the other hand, Rentals.ca says the price of a one-bedroom is $2,119, which is a 0.5 per cent increase from October, and 0.1 per cent increase from November 2022.
Zumper notes the decrease could be due to the fact that most renters tend to avoid moving over the holiday period.
“With winter upon us, demand for rentals is at its lowest point of the year and the monthly price changes in this report reflect that,” Zumper says in its report.
“Most renters prefer to avoid apartment hunting during the holiday season, with the challenges of moving in cold unpredictable weather while juggling travel plans, so the rental market is much less competitive in the winter than the rest of the year. Property owners also tend to price down units to fill vacancies faster ahead of the holidays as well.”
Rentals.ca says Victoria is the 11th most expensive city of the 35 Canadian cities it surveys, while Zumper places Victoria in fourth out of the 23 cities it surveys.
Vancouver takes the top spot in both reports.
Both reports show the national average rent is climbing. Rentals.ca says there has been an 8.4 per cent year-over-year increase in rent prices. Zumper says one-bedroom rent increased 10.6 per cent and two-bedrooms increased 10.8 per cent year-over-year.