Once again, Victoria has record-high apartment rents

Apartment rents in Victoria are on a tear.

In July, the median monthly rent for a typical one-bedroom unit was a record-high $1,990, a typical two-bed $2,480, according to Zumper (formerly PadMapper), the online platform that lists apartments for rent and compiles the monthly Canadian National Rent Report.

"Victoria is ranked as the third most expensive rental market in the nation last month," said Zumper marketing manager Crystal Chen.

"Notably, the price of a one-bedroom in Victoria is up 6% from June and 20% from July last year, a two-bed up 5.5% from June and 23% from July of last year."

Those are big escalations that point to a number of things.

First, Victoria is a desirable place to live and lots of people vying for apartments pushes the price up.

Second, rents are a barometer of economic health and rising rents indicate that the region is vibrant, people have jobs, retirees have money and college and university students have arrived with financial (and study) plans that include renting.

Third, higher rents can point toward a few apartments being available for rent at any given time and apartment construction not keeping up with demand.

Such gaps increase competition and push prices up.

Fourth, if home ownership is out of reach (and Victoria is hyper-expensive with typical single-family homes selling for $1.4 million and typical condominiums for $639,600) then people have to turn to rentals.

The only two cities in the nation with pricier rents than Victoria are Vancouver at $2,400 for a one-bed, $3,440 for a two-bed, and Toronto with $2,000 and $2,540.

No. 4 most expensive rental market Burnaby is on Victoria's tail when it comes to median monthly rent for a one-bed at $1,940, yet surpasses both Victoria and Toronto with two-bed rent of $2,640.

Oshawa, Kelowna, Kitchener, Barrie, Halifax and Ottawa round out the top 10 most expensive rental cities list.

The cheapest places to rent an apartment in Canada are St. John's with a $850 a month one-bed and $940 for a two-bed, and Regina at $970 and $1,140.

See the full report here: https://www.zumper.com/blog/rental-price-data-canada