If you're looking to catch a break from soaring Vancouver rental prices by moving to another neighbourhood, you might be out of luck.
While prices vary across the city, most Vancouver neighbourhoods cost significantly more than their regional counterparts.
Zumper, an online rental company, has released average rental prices for Vancouver in May 2022, which shows an increase in prices for nearly all categories. To compile the data, the company analyzes its active inventory to find trends in rent prices.
Prices rose sharply over the past month, with one-bedroom apartments increasing by 3 per cent to $2,275 and two-bedroom apartments rising by 6 per cent to $3,300. Studio apartments remained flat, however.
Three-bedroom apartments cost an average of $4,287 this May, marking a staggering 34 per cent increase year-over-year. Folks in the market for a four-bedroom rental face an average of $5,995, marking a jaw-dropping increase of 67 per cent.
Since 2021, one-bedroom apartments have seen an increase of 17 per cent and two-bedroom units have increased by a whopping 22 per cent.
Here are the average rents for Vancouver's neighbourhoods.
|Riley Park - Little Mountain||$2,360|
|West Point Grey||$2,040|
|University Endowment Lands||$2,218|