Skip to content

Richmond the 2nd most expensive mid-sized rental market in Canada: Report

The average asking rent in Richmond rose to $3,119 in July
Richmond’s apartment rent price went up by 27 per cent annually in July. Archive photo

The average asking rent in Richmond continues to rise and reached $3,119 in July, a five per cent increase from June , according to the August 2023 Rent Report released by yesterday.

This makes Richmond the second most expensive rental market among mid-sized cities in Canada (cities with a population of between 100,000 and 500,000, in Canada.)

Richmond is also the fastest rising mid-sized city for apartment renters in B.C. with a 27 per cent rise from the same month last year.

“Rents experienced further upward pressure [in July] as post-secondary students rushed to sign leases ahead of the fall term, the population grew by a record level, and homebuyers moved to the sidelines as the Bank of Canada raised interest rates to a 22-year high,” reads the report.

Among mid-sized cities in Canada, North Vancouver is the most expensive for renters with an average asking rent of $3,556 in July, while Burnaby ($3,002) and Coquitlam ($2,811) ranked the third and fourth most expensive for Canadian renters in that category.

B.C. has the highest average asking rent of $2,622 and the fastest month-over-month increase in rents of 2.8 per cent in Canada. Vancouver rents were the highest among Canada’s largest markets at an average of $3,340, up 12.2 per cent annually and 2.9 per cent monthly.

The average rent in Canada reached a record high of $2,078 in July and rents increased 8.9 per cent annually, the fastest pace of growth of the past three months. The 1.8 per cent monthly increase also represented the fastest month-over-month growth of the past eight months.

The asking rents for shared rentals also went up, according to the report, with the average shared rents in B.C. being $1,163, a 20.4 per cent from last year, and Vancouver had the highest average asking rents for roommate rentals in the country at $1,455.