(Black Press Media files)

(Black Press Media files)

B.C. suburbs could see increased demand for rental units as people work from home

Vancouver’s average monthly rent is the highest out of 35 cities across Canada

As more people work from home during the ongoing pandemic, renters are looking for cheaper units with more space – including homes further away from their place of work – a new national rent report suggests.

According to the report, released Wednesday (Oct. 14) and conducted by Bullpen Research and Consulting and Rentals.ca, B.C. is one of two provinces seeing year-over-year increases to average rental prices.

Tenants are looking for larger units, either by square footage or by number of bedrooms, the collected data suggests. People also appear to be avoiding the most expensive single-family properties and condominium apartments in major cities, such as downtown Vancouver.

“Many prospective tenants desire more space as they work from home,” said Matt Danison, CEO of Rentals.ca.

The report also suggests that employment rates are continuing to adjust to closer levels of what were seen before the height of the pandemic in March and April.

Canada added nearly 380,000 jobs in September, and analysts have estimated that 75 per cent of employees who lost their jobs during the beginning of COVID, have been rehired or found new work.

This could result in demand for rental units climbing upward again this winter, Danison said.

Rentals.ca also released a rank-list of 35 cities across Canada, including five in B.C., based on highest average monthly rent prices for one- and two-bedroom units.

Vancouver is second on the list out of the 35 cities for an average monthly rent for a one-bedroom home in September at $1,941. Renting a two-bedroom home averaged at $2,712.

Despite Vancouver rental prices dropping year-over-year at 1.6 per cent for apartments and condo rentals, the city still ranks highest for the average annual rent at $2,249, across Canada.

Surrey was ranked eighth for one-bedroom units, averaging at $1,724, and 17th for two-bedroom homes, at $1,826.

Burnaby followed Surrey, at ninth, for one-bedrooms at $1,689 but sixth for two-bedroom units at $2,200.

Victoria was ranked 11th for a one-bedroom home, renting each month at $1,616 and two-bedrooms at $2,021. Year-over-year, rent for a one-bedroom unit increased 9.6 per cent. Whereas, monthly rent for a two-bedroom was up 0.8 per cent.

New Westminster was ranked in 15th spot with one-bedrooms at $1,540, as well as ranked 10th with two-bedroom units averaging at $2,100.

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(Courtesy of West Shore RCMP)
Second driver facing impaired charges after View Royal traffic stop leads to loaded firearms

West Shore RCMP stop swerving motorist and Saanich woman who came to pick her up

An aerial view over Oak Bay. (Black Press Media File Photo)
An aerial view over Oak Bay and the Marina. Oak Bay residents pay the highest taxes on Vancouver Island. Don Denton/Black Press
Oak Bay secondary suites study considers units old and new

Secondary suites draft report due in new year

A report by investigator Mary Ellen Turpel-Lafond found “widespread systemic racism against Indigenous people” in a report released Monday.
Peninsula hospital one where ‘significant work underway’

Investigation finds ‘widespread systemic racism against Indigenous people’ in provincial health care

Sig
Highway 14 down to one-lane near Jordan River

Traffic on Highway 14, six kilometres east of Jordan River, is reduced… Continue reading

Victoria police issued tickets to two Victoria party hosts Saturday night, according to VicPD Chief Del Manak. (Unsplash)
Victoria partiers hid in closets, bedrooms in an attempt to avoid fines

Police gave out COVID-19 tickets to two separate parties

A bus shelter in White Rock is emblazoned with an ad from B.C.’s Office of the Human Rights Commissioner on Sunday, Nov. 29, 2020. (Black Press Media files)
VIDEO: ‘Am I racist?’ campaign asks British Columbians to confront their unconscious biases

Signs asking British Columbians to think about racial injustice have been put up across the province

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Help make children’s wishes come true

Black Press Media, BraveFace host mask fundraiser for Make-A-Wish Foundation

Kootenay East MLA Tom Shypitka takes over as energy and mines critic for the B.C. Liberal opposition. Kelowna-Lake Country MLA Norm Letnick (right) moves from health critic to assistant deputy speaker. (Hansard TV)
B.C. Liberals pick critics to take on Horgan’s NDP majority

Interim leader Shirley Bond takes seniors, long-term care

Deputy Prime Minister and Minister of Finance Chrystia Freeland listens to a question from a reporter on the phone during a news conference in Ottawa, Monday, Nov. 30, 2020. THE CANADIAN PRESS/Adrian Wyld
Spending too little worse than spending too much, Freeland says as Canada’s deficit tops $381B

‘The risk of providing too little support now outweighs that of providing too much’

Left to right: A screenshot of NTC nurse navigator Lesley Cerney, FNHA regional mental health manager Georjeana Paterson and Island Health’s medical health officer Dr. Charmaine Enns addressing Ehattesaht community members from Ehatis reserve in a Facebook live update. (Ehattesaht First Nation/Facebook)
Medical team sent to Ehatis reserve near Zeballos to guide community through COVID outbreak

17 cases, eight recoveries and no hospitalizations as Island Health praises First Nation’s response

Still from a video surveillance camera of a man alleged to have stolen from several people at knife-point in Chilliwack (Rosedale) early on Nov. 28, 2020. (Facebook)
B.C. man defends his family against intruder, saves neighbour while wielding hockey stick

RCMP looking for footage that captures violent crime spree in Chilliwack

Jim Neufeld, 55, was last seen leaving his home in Penticton Jan. 21, 2009. (RCMP photo)
Human remains found off U.S. coast in 2009 identified as Penticton man

Jim Neufeld, 55, was last seen leaving his home in Penticton Jan. 21, 2009

Remains of the scene off Melrose Road in Whiskey Creek where three bodies were found on Nov. 1, 2020. (Mandy Moraes photo)
Probe continues into grisly mid-Island discovery of 3 human bodies, 4 dead dogs

Police still want to speak with motorist who picked up hitchhikers near scene on Nov. 1

An man from Errington died when his ATV went over an embankment on Northwest Bay Logging Road on the weekend. (File photo)
ATV rider goes over embankment and dies on back road near Nanaimo

45-year-old man from Errington died in incident Saturday afternoon

Most Read