Two reports on the rental situation across Canada have arrived and both have bad news about life for Burnaby tenants.
PadMapper just released its latest Canadian National Rent Report, and it says that nearly two-thirds of the Canadian cities surveyed experienced growing rents again, showing a steady recovery of the rental market.
Burnaby ranked as the 3rd most expensive city to rent in the nation last month, said the report, and the price of one bedroom units in Burnaby remained flat at a median of $1,700, while two-bedroom units grew 0.9% to $2,270.
The average asking rent for all Canadian properties in May grew by 2 per cent month over month to $1,708 - the first increase after six straight months of declines, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
Demand for larger units has not dissipated, as the average monthly rental rates for single-family homes continues to rise - increasing from $2,214 in January to $2,608 in May, a rise of 18 per cent in that time span. Anecdotal evidence shows bidding wars, and tenants renting homes sight unseen.
Burnaby came in ninth for average monthly rent in May for a one-bedroom home at $1,659 and fourth for average monthly rent for a two-bedroom at $2,210.
Month over month, average rents increased in Burnaby in May by 0.2 per cent for a one-bedroom and 1 per cent for a two-bedroom, and year over year, average monthly rents were up 3 per cent for a one-bedroom and 7.7 per cent for a two-bedroom.
Vancouver still leads the list of 35 cities for average monthly rent for a one-bedroom home in May at $1,981 and for a two-bedroom at $2,760.
Rents declined month over month for condo rentals and apartments in Burnaby by 3.8 per cent, but Vancouver experienced the largest month-over-month increase among the major municipalities for condominium rentals and apartments with a monthly increase of 5.4 per cent in average rent of $2,315, the highest in the country.
The average property listed for rent on Rentals.ca in May in the Vancouver Census Metropolitan Area (CMA) was offered at $2,141, which represents an annual decrease of 3.3 per cent. The average per-square-foot rent is up 8.2 per cent annually to $3.04, which likely reflects the greater number of small units in the market. Tenants have flocked to larger apartments in locations farther from their place of employment during the pandemic.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for 35 cities across Canada.
