Vancouver rents hit record high, national rents increasing

The Vancouver rental market is on fire with rents hitting a record high this month according to PadMapper.

Its latest figures show that a two-bedroom home will cost renters $2,800 while a one-bedroom home rents for an average $1,800. Rents are up 4.5 per cent for a 2-bed and 2.9 per cent for a 1-bed compared to September.

Elsewhere rents are also increasing with Toronto seeing a 4.6 per cent rise for 1-beds to $1,370 and a 4.8 per cent rise for 2-beds at $1,760. Victoria, Montreal and Kitchener are among the other cities with sharp rises rents.

Overall, 17 of the 25 cities analyzed by PadMapper showed increased rents.

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