The pandemic may have put many things at a standstill, but that doesn’t seem to be the case for rent prices.
PadMapper released its report on rental rates in Canadian cities and found that just in two months, several cities have seen growth in rental rates.
Kelowna cracked the top ten most expensive cities in the country, placing seventh. The average monthly rent for a one-bedroom unit sits at $1,520 after a 2.7 per cent growth and $1,800 for a two-bedroom after a 1.1 per cent growth over last month.
“The recovery from 2020’s rental market trends seems to have begun since there is a demand that is currently driving up prices,” according to its report.
“As many Canadian residents are likely to be fully vaccinated by the fall, renters may be preparing for a sense of normalcy slowly returning by beginning to search for their next apartments again.”
Vancouver and Toronto both topped the list of most expensive rental rates in the country, experiencing an increase for two months in a row.
PadMapper’s report shows rent grew one per cent this month in Vancouver to an average of $1,950 for a one-bedroom unit and 2.2 per cent which is an average of $2,730 for a two-bedroom.
An average one-bedroom rental unit in Toronto now sits at $1,800 and $2,320 for a two-bedroom.