(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

Sickle Point as seen from the air. (Kaleden Community Association - David Mai)
Efforts to save Sickle Point down to the wire

The riparian wetland is in the middle of a court-ordered sale

Paul Biro of Summerland has organized a special drive-by holiday lights event to take place on the evening of Friday, Nov. 27. (Contributed)
Extra COVID-19 safety protocols added to Summerland drive-by lights tour

Map is available by download; living nativity and Santa display eliminated

Summerland’s recreational facilities, including the arena and the aquatic centre, are open at present, but regulations are in place to slow the spread of the COVID-19 pandemic. (Summerland Review file photo>
COVID-19 safety protocols in place at Summerland’s municipal buildings

Doors remain open, but masks, physical distancing and other measures have been put in place

COVID-19. (Image courtesy CDC)
Interior Health reports 65 new cases of COVID-19

Province-wide, there are 887 new cases of the virus

In mid-July, the home of an Indo-Canadian family in Summerland was vandalized, with images including swastikas spray-painted on the house. Since that time, Summerland Mayor Toni Boot has been calling for community conversations about issues relating to race. (Summerland Review file photo)
Provincial funds available for Summerland conversations about racism

Money will not flow directly from province to municipality

B.C. Health Minister Adrian Dix and provincial health officer Dr. Bonnie Henry update the COVID-19 situation at the B.C. legislature, Nov. 23, 2020. (B.C. government)
B.C. sets another COVID-19 record with 887 new cases

Another 13 deaths, ties the highest three days ago

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

Arthur Topham has been sentenced to one month of house arrest and three years of probation after breaching the terms of his probation. Topham was convicted of promoting hate against Jewish people in 2015. (Photo submitted)
Quesnel man convicted for anti-Semitic website sentenced to house arrest for probation breach

Arthur Topham was convicted of breaching probation following his 2017 sentence for promoting hatred

Langley School District's board office. (Langley Advance Times files)
‘Sick Out’ aims to pressure B.C. schools over masks, class sizes

Parents from Langley and Surrey are worried about COVID safety in classrooms

The baby boy born to Gillian and Dave McIntosh of Abbotsford was released from hospital on Wednesday (Nov. 25) while Gillian continues to fight for her life after being diagnosed with COVID-19.
B.C. mom with COVID-19 still fighting for life while newborn baby now at home

Son was delivered Nov. 10 while Gillian McIntosh was in an induced coma

The Rutland IGA is located in Willow Park Shopping Centre at 590 BC-33. (Michael Rodriguez - Kelowna Capital News)
Customer asked to mask up, throws hot coffee at Kelowna IGA employee

The woman grabbed cat food on her way out when she refused to wear a mask

City of Armstrong Public Works Yard. (Google Maps)
Armstrong city staffer threatened in snow removal complaint

Community services manager says ‘veiled threat’ is believed to have been flippant, but is being taken seriously

B.C. Premier John Horgan, a Star Trek fan, can’t resist a Vulcan salute as he takes the oath of office for a second term in Victoria, Nov. 26, 2020. (B.C. government)
Horgan names 20-member cabinet with same pandemic team

New faces in education, finance, economic recovery

The Okanagan Quality Life Society which usually gives tours of Okanagan Lake to seniors and shut-ins on its boat Heaven Can Wait has created a virtual tour video in the wake of the COVID-19 pandemic which shut down the tours in 2020. (Morning Star - file photo)
Okanagan Lake virtual boat tours launched

Okanagan Quality Life Society normally gives tours on Okanagan Lake on its boat Heaven Can Wait

Most Read