Perhaps unsurprisingly, Â鶹´«Ã½Ó³»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 , 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.
