Perhaps unsurprisingly, Vancouver continues to see the highest average rental prices for both one and two-bedroom apartments across Canada.
But what may come as more of a shock, however, is just how much properties have increased year-over-year.
Rentals.ca, an online apartment rental platform, has released its May 2022 National Rent Rankings report, which is based on data from its April monthly listings.
The average rent for all Canadian properties listed for rent on Rentals.ca in April 2022 was $1,821 per month, which marked an annual increase of 9 per cent from $1,676 per month in April 2021.
In Vancouver, prices increased this month to $2,334 for one-bedroom units, which marked a 2.37 per cent increase month-over-month and a whopping 18.12 per cent increase year-over-year. Similarly, two-bedroom units cost an average of $3,324 this month, or an increase of 6.47 per cent this month over last and a jaw-dropping 23.71 year-over-year.
Toronto has also seen a considerable jump in rental prices, with one-bedroom units averaging $2,065 and two-bedroom units averaging $2,849. Aside from Vancouver, all the top five most expensive cities to rent in Canada in May 2022 are located in Ontario.
Burnaby has Canada's sixth-most expensive market, with one-bedroom apartments averaging $1,883 and two-bedrooms averaging $2,563.