The impact of COVID-19 on the Burnaby rental market continues to change, according to a new analysis.
Burnaby finished at No. 9 on the list of the most-expensive cities in Canada for average monthly rent for a one-bedroom home in September at $1,689 and sixth for average monthly rent for a two-bedroom at $2,200, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
“Burnaby rents for one- and two-bedroom homes were up a little month over month in September and down a little year over year,” said the report.
So a good-news-bad-news situation.
Overall in Canada, rents for one- and two-bedroom apartments and condominium rentals continue their downward trend year over year, while the average rent for all Canadian properties has remained the same the last four months, according to the report.
In September, the average rent for all property types listed on Rentals.ca in the country was $1,769, the same as last month.
The September average monthly rate is down 9.5 per cent annually.
“The data on a national basis suggests that tenants are looking for larger units, either by square footage or by number of bedrooms, but appear to be avoiding the most expensive single-family properties and condominium apartments in prime neighbourhoods,” said a news release.
"Many prospective tenants desire more space as they work from home," said Matt Danison, CEO of Rentals.ca. "We encourage our clients to highlight any extra space such as a den which can be used for office space or amenities such as fast internet, which can make working from home easier."
And, rental rates are being affected by unit size with so many tenants working from home and seeking more space.
Rentals.ca data shows average rents declining 4 per cent annually for rental apartments around 400 square feet in Canada, and average rents increasing 17 per cent for 1,100-square-foot rental apartments. A visible stepping up is seen for the unit sizes in between.
Vancouver finished second on the list of 35 cities for average monthly rent for a one-bedroom home in September at $1,941 and first for average monthly rent for a two-bedroom at $2,712.
Vancouver rents for one- and two-bedroom homes were up a little month over month in September and down a little year over year.
Surrey came in eighth on the list for average monthly rent for a one-bedroom home at $1,724 and 17th for average monthly rent for a two-bedroom at $1,826.
