(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

Victoria’s Royal Jubilee Hospital took in two COVID-19 patients from Northern Health as part of a provincial agreement. (Black Press Media file photo)
Victoria hospital takes in two COVID-19 patients from Northern Health

Royal Jubilee Hospital takes patients as part of provincial transport network

Dan Imhof with a group of Bulkley Valley Soccer Society kids. (Contributed photo)
Two members of BV soccer club honoured with provincial awards

Daniel Imhof is Youth Coach of the Year and Georgia Mack is Administrator of the Year

Confusion, backlash surround Hazelton area zoning amendments

A proposed Regional District of Kitimat-Stikine zoning amendment bylaw regarding mobile dwellings… Continue reading

Smithers Town Hall (Trevor Hewitt photo)
Council Briefs: Regular Meeting, November 24, 2020

Smithers Town Council approves $30,000 in technology upgrades to council chambers from COVID fund

Kelly Spurway hands out bag lunches on Main Street in Smithers out of the Salvation Army’s mobile community service unit earlier this year. (Thom Barker photo)
Christmas food donations threatened as demand soars

Cancelled Santa’s Breakfast usually a big help to fill the shelves, Sally Ann looks to other events

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Janet Austin, the lieutenant-governor of British Columbia, not seen, swears in Premier John Horgan during a virtual swearing in ceremony in Victoria, Thursday, Nov. 26, 2020. Horgan says he will look to fill gaps in the federal government’s sick-pay benefits program aimed at preventing the spread of COVID-19. THE CANADIAN PRESS/Jonathan Hayward
B.C. premier says province prepared to patch holes in new federal sick-pay benefits

Horgan said workers should not be denied pay when they are preventing COVID-19’s spread

Provincial health officer Dr. Bonnie Henry updates B.C.’s coronavirus situation at the legislature, Nov. 30, 2020. (B.C. government)
Hockey team brought COVID-19 back from Alberta, B.C. doctor says

Dr. Bonnie Henry pleads for out-of-province travel to stop

B.C. Premier John Horgan on a conference call with religious leaders from his B.C. legislature office, Nov. 18, 2020, informing them in-person church services are off until further notice. (B.C. government)
B.C. tourism relief coming soon, Premier John Horgan says

Industry leaders to report on their urgent needs next week

An RCMP cruiser looks on as a military search and rescue helicopter winds down near Bridesville, B.C. Tuesday, Dec. 1. Photo courtesy of RCMP Cpl. Jesse O’Donaghey
B.C. Mountie, suspect airlifted by Canadian Armed Forces from ravine after foot chase

Military aircraft were dispatched from Comox, B.C., say RCMP

Most Read