Two reports on Victoria’s rental market were published Wednesday (March 15), and one new listing revealed how even microsuites are being priced at high levels.
Zumper’s Canadian National Rent Report named Victoria as the most expensive rental market in the nation last month, with the prices of one and two bedrooms settling at medians of $2,060 and $2,600, respectively. The report says the price of one-bedroom units in Victoria skyrocketed 15.1 per cent since February 2022.
Close to that median is a new listing on Craigslist that advertises a 350-square-foot microsuite at $1,900 - calling it “cozy.”
“This cozy 1 bedroom studio suite is the perfect rental for a single person or couple,” reads the listing. “Located in a quiet farmland area, this suite offers privacy and comfort. As you step inside, you’ll be greeted by a well-lit living space that’s been tastefully furnished and decorated. The suite includes a small kitchenette with a fridge and a microwave. It’s perfect for preparing light meals and snacks. The bedroom area features a comfortable queen-sized bed and ample closet space for all your belongings. The private bathroom features a shower, sink, and toilet. Other amenities include high-speed Wi-Fi, ensuring a comfortable and connected living.”
A second report by Rentals.ca said Victoria finished ninth on the list of 35 cities for average monthly rent in February for a one-bedroom home at $2,000 and sixth for average monthly rent for a two-bedroom at $2,610.
Year over year, average monthly rent in February for a one-bedroom in Victoria was up 16.7 per cent and up 1.1 per cent for a two-bedroom, according to the report. Month over month, average rent was down in Victoria in February for a one-bedroom home by 4.5 per cent and down 1.6 per cent for a two-bedroom.
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Vancouver continues to be the most expensive of Canada’s largest markets, with average rents increasing 19 per cent annually for condo rentals and apartments to $3,120 in February. Rents in Vancouver averaged $2,657 for one-bedrooms, $3,716 for two-bedrooms, and $4,317 for three-bedrooms.
“The rental market experienced a pullback over the past three months following record-breaking rent growth in 2022,” said Shaun Hildebrand, president of Urbanation, which was part of the report. “The recent slowing can be related to high rental costs impacting affordability and an increase in new supply from apartment completions. However, several key markets experiencing high demand continued to see rents trend higher last month.”
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