Rental rates are rising in Greater Victoria (Black Press File Photo)

Rental rates on the rise despite increase in vacancy rate

Greater Victoria report shows rising costs unsustainable compared to average incomes

House hunters will have more options to choose from, but the rental rate is on the rise.

This information comes from Victoria’s 2019 Vital Signs report; the Vital Signs report is an annual community report that measures the vitality of the area buy comparing data from a variety of resources. It is produced by the Victoria Foundation, and compares results to the United Nations Sustainable Development goals to grade how the city is doing

According to the report, in 2018 the vacancy rate nearly doubled from 0.7 per cent in 2017 to 1.2 per cent in 2018.This increase is due to several factors, including a rise in purpose-built rental units in the Capital Region.

READ MORE: Rental vacancies are rising across Greater Victoria, but so are rent

In the same time period, however, the rental rate had a significant increase of 7.5 per cent.

The average rent for all types of units in 2017 was $1,072, but jumped to $1,170 in 2018. The average rents ranged from $926 for a bachelor suite to $1,647 for a three-bedroom suite.

Vital Signs examined what the required rental wage would be required to afford these units. A rental wage refers to the hourly wage a full-time working individual would have to make to not spend more than 30 per cent of their income on their accommodation.

ALSO READ: Vancouver, Victoria, Kelowna home to Canada’s most expensive rentals: report

For a one-bedroom unit, the rental wage is $21.33 while a two-bedroom unit requires $28.47 per hour.

An hourly rate of $21.33 would garner someone a yearly income of around $43,000, however the average individual income in Greater Victoria is $37, 481.

Minimum wage in B.C. is $12.65 per hour.


 

nicole.crescenzi@vicnews.com

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