A company that surveys rental prices in major cities across the country says Richmond is “one of the more expensive cities for renters.”
According to Rentals.ca, an online apartment rental platform, the average monthly rent in June for a one-bedroom in Richmond was $1,702, and $2,170 for a two-bedroom.
In comparison, the average rent for a one-bedroom was up from $1,659 in May, while the average monthly rent for a two-bedroom dropped from $2,259.
The average rents seen in Richmond in June appear to be close to some of the highest average monthly rents reported across Canada.
For example, the average monthly rent for a one-bedroom in Vancouver last month was $2,056, and for a two-bedroom, $2,765.
That city took the top spot in Rentals.ca and Bullpen Research & Consulting’s latest national rent report, which compiles a list of average monthly rents in 35 Canadian cities to give a sampling of prices prospective tenants would see across the country.
In its survey of 35 cities, Toronto was second highest, with an average monthly rent of $1,836 for a one-bedroom and $2,502 for a two-bedroom.
Burnaby’s rents were ninth in the survey, with average monthly rents in June of $1,669 and $2,243 for a one- and two-bedroom, respectively.
The report notes demand as well as rent prices are expected to increase as the country continues to reopen.
“After unprecedented declines during the pandemic, the domestic rental market is in recovery mode with many of Canada’s largest cities seeing rent growth accelerate in June,” said Ben Myers, president of Bullpen Research & Consulting.
“Unit showings are picking up, vacancies are declining and tenant demand is strong again in major downtown markets. However, it still could take eight to 15 months before most markets get back to their peak rent levels from late 2019.”
Country-wide, the average asking rent for all property types listed in June on Rentals.ca was $1,721.
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 Canada.
