A new report finds that rental prices across Canada have seen the biggest month-over-month increase in years — and Vancouver continues to see the highest rent in the country.
Online apartment rental platform Rentals.ca has released its June 2022 National Rent Rankings report, which analyzes the average rental prices for its listings in May.
Across Canada, the average rent for apartments in May was $1,888, which represents a year-over-year increase of 10.5 per cent.
"This also represents a month-over-month increase of 3.7 [per cent], the largest monthly increase since May of 2019," note the report authors.
Vancouver continues to see the highest rental prices in Canada, for both one and two-bedroom units. The average cost of a one-bedroom apartment in May 2022 was $2,377, which is a 1.8 per cent increase over last month and a whopping 19.1 per cent year-over-year increase.
Two-bedroom apartments cost an average of $3,495 in May, marking an increase of 5.1 per cent over last month and a staggering 24.1 per cent increase year-over-year.
Toronto has the second-highest rental prices in the country, with one-bedroom units averaging $2,133 in May; two-bedroom units averaged $3,002.
Another B.C. city, Burnaby, rounded up the top three most expensive cities in Canada. One-bedroom apartments cost $2,012 while two-bedroom units cost $2,645 in May.
Two Ontarian cities completed the top five highest Canadian rental markets in May: Oakville and Burlington.
Rent Vancouver and beyond: Average prices across Canada for apartments to rent