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Here's how much rent is expected to increase in Â鶹´«Ã½Ó³»­in 2020

A new report ranks Â鶹´«Ã½Ó³»­as the fourth most expensive rental market in the country
for rent
A new report from Rentals.ca found that Â鶹´«Ã½Ó³»­had the fourth most expensive rental market in the country. File photo

While Vancouver rents increased in 2019, a new report predicts that they will continue to climb in the new year.

Rentals.ca has released the average rent for Canadian properties in November 2019, and it found that Â鶹´«Ã½Ó³»­had the fourth most-expensive market. Toronto was ranked the most expensive, followed by Etobicoke, Ontario. Richmond Hill in Ontario placed third.

According to the November data, Â鶹´«Ã½Ó³»­one-bedroom rentals have climbed one per cent to $1,967, while two-bedroom rentals have climbed 3.7 per cent to $3,058. 

In the chart below, Rentals.ca looked at the average rent for all property types in Â鶹´«Ã½Ó³»­from October 2018 to November 2019. In addition, it includes the Rentals.ca and Bullpen Consulting forecast for 2020.

The graph shows that the average rental rate for November 2018 was $2,353 for all property types listed on Rentals.ca. That rate increased to $2,507 for November 2019, with an increase of 6.5 per cent annually. As such, the overall average rent for 2019 in Â鶹´«Ã½Ó³»­was $2,351 per month (through 11 months).

vancouver-rental-increase
Source: Rentals.ca

In 2020, the forecast calls for average rent of $2,423, "with December 2020 rent at $2,585 per month, a three per cent annual increase (3.1 per cent from November 2019). This forecast is a moderation from the seven per cent annual growth forecasted by Rentals.ca and Bullpen last year."

The report adds that new rental apartment completions are expected to rise in Â鶹´«Ã½Ó³»­in 2020. Coupled with relatively flat resale market conditions, this should result in less rent inflation.

Read the full report .

Read the original article here.

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