(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

Comox and the school district are looking at formalizing a piece of school property for a dog park. Black Press file photo
School District 71, Comox work on formal dog park agreement

The site on unused school district property is already being used by dog owners

Lake Trail Middle school in Courtenay. File photo
Lake Trail Middle School closed due to threat

The credibility of the threat is being assessed and the investigation is being completed

The 19th annual Gingerbread Village & Teddy Bear Baskets Silent Auction runs online from Dec. 1-18. Photo supplied
Crown Isle’s annual Gingerbread Village & Teddy Bear Baskets Silent Auction goes online for 2020

Crown Isle Resort and Golf Community hosts the 19th annual Gingerbread Village… Continue reading

Two of the weapons seized in a Nov. 8 traffic stop in Black Creek. Photo supplied by RCMP
RCMP seize guns, drugs in Black Creek traffic stop

Two arrested in connection with incident

Canadian Tire Courtenay’s Owner Bert Heeringa and General Manager Keith Pistell displaying the donated sanitizer. Photo supplied.
Courtenay Canadian Tire donates 2,400 litres of hand sanitizer to local not-for-profits

Organizations can request sanitizer via the Comox Valley Community Foundation

A man wearing a face mask to help curb the spread of COVID-19 walks in downtown Vancouver, B.C., Sunday, Nov. 22, 2020. The use of masks is mandatory in indoor public and retail spaces in the province. THE CANADIAN PRESS/Darryl Dyck
B.C. records deadliest day of pandemic with 13 deaths, 738 new COVID-19 cases

Number of people in hospital is nearing 300, while total cases near 30,000

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

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Port McNeill councillor Derek Koel busts a rap to help promote the town’s active transportation plan. (Facebook video screenshot)
VIDEO: Vancouver Island councillor makes rap video to promote active transportation plan

Active transportation is a personal matter for councillor Derek Koel.

FILE – A paramedic holds a test tube containing a blood sample during an antibody testing program at the Hollymore Ambulance Hub, in Birmingham, England, on Friday, June 5, 2020. (Simon Dawson/Pool via AP)
Want to know if you’ve had COVID-19? LifeLabs is offering an antibody test

Test costs $75 and is available in B.C. and Ontario

The grey region of this chart shows the growth of untraced infection, due to lack of information on potential sources. With added staff and reorganization, the gap is stabilized, Dr. Bonnie Henry says. (B.C. Centre for Disease Control)
B.C. adjusts COVID-19 tracing to keep up with surging cases

People now notified of test results by text message

People wear face masks as they pose next to a Christmas display in Montreal, Sunday, November 22, 2020, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
How to tell family their Christmas gathering is too risky and you’re not going

Dr. Hurst says it’s best to frame the conversation from a place of care, stressing safety precautions.

Keanu Reeves in “The Matrix.”
Free ‘Hollywood Suite’ movies in December include ‘Keanussance’ titles starring Keanu Reeves

Also featured is the Israeli-made ‘Valley of Tears,’ a 10-part war drama

Most Read