With cranes dotting the downtown skyline and construction activity all throughout the metropolitan area on overdrive, the Capital Region's rental housing industry is seeing a building boom following years of under-supply. How the new rental capacity affects overall rents and access to housing, however, remains to be seen. Citified.ca
Capital Region's one-bedroom rental rates yield 5.1% drop in July
CITIFIED.CA STAFF
Published July 18, 2017
The cost of renting a one-bedroom apartment in Victoria has taken a sharp dip in July, according to rental listings website Padmapper.
Down 5.1% over June of this year, Victoria’s one-bedroom rental rate now sits at an average of $1,120. Year-over-year the cost to secure a one-bedroom suite in the Capital City is still up by 12%. Whether or not July's dip is repeated into the fall remains to be seen.
However, those hoping to land a two-bedroom apartment will pay slightly more this month thanks to a 0.7% increase over June, bringing the average to $1,410. Year-over-year two-bedroom apartments rent for 6% more than at this time last year.
Victoria’s rental rates peg the region as fifth among the country's 25 most expensive cities to rent a home, behind only Vancouver, Toronto, Barrie and Montreal, respectively.
Canada’s most expensive rental housing market, Vancouver, has an average one-bedroom rental rate of $2,090, up 15.5% year-over-year. Two-bedroom suites rent for an average of $3,230, up 2.5% year-over-year. The country's least expensive market in the top-25, Saguenay, Quebec, averages $610 for one-bedroom apartments and $720 for two-bedroom apartments.
Victoria’s purpose-built rental housing industry is experiencing a sizable building boom following decades of under-supply. With hundreds of rental apartments completed in recent years, over 2,200 currently under construction throughout the region and nearly 3,000 in planning, (according to Citified’s data), the rental housing crunch is expected to ease as thousands of new units come online through 2020. C
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