If you feel like you have been priced out of Richmond’s property market, your luck may also be out when it comes to renting.
Rent prices have been rising significantly recently and it doesn’t seem like slowing down any time soon.
In a report released this week, Zumper, the largest privately-owned rental platform in North America, found the average monthly rent for a one-bedroom apartment in Richmond was currently $1,913, a 16 per cent increase (around $263) compared to March 2021.
Zumper also noted that the average rent for a one-bedroom apartment increased by one per cent, to $1,913, over last month, and the average rent for a two-bedroom apartment increased by eight-per cent, to $2,650.
However, there is some good news for renters hunting for studio apartments - the average rent dropped by one per cent to $1,588 in Richmond over last month.
For renters who have a tight budget, avoid neighbourhoods such as Lansdowne, Golden Village and the Oval, where the average monthly rent can go up to $2,145 for a small apartment.
Boyd Park, in the No. 1 and Francis Rd. neighbourhood, is the most affordable neighbourhood to rent in the city, where the average monthly rent is only $1,510 for a one-bedroom apartment.
Moffat, in the Granville and Blundell Rd. neighourhood, is the second most affordable place to rent an apartment in the city, with average rent costing $1,390 a month. South Arm comes in third place, with a monthly average of $1,450.
Here are the average rents for Richmond this month:
Brighouse $1,900
Lansdowne $2,145
Golden village $2,100
Moffat in Granville and Blundell neighourhood $1,390
South Arm $1,450
Oval Village $2,000
Bridgeport $1,695
West Cambie $1,700
