Abbotsford’s residents are paying an average of 15 per cent more for one and two bedroom rentals in 2020 than they were in 2019, according to a independent national rent report released today (May 14).
PadMapper says their Canadian Rent Report analyzed hundreds of thousands of active listings in the 24 most populous metro areas across the country.
“Listings are then aggregated on a monthly basis to calculate median asking rents… providing a comprehensive view of the current state of the market,” reads the report.
Abbotsford ranks as the 16th most expensive rental market in the country, according the report, with the average one-bedroom place costing $1,100 per month (and increase of 15.8 per cent), and the average two-bedroom place costing $1,270 (an increase of 15.5 per cent).
| One and two bedroom rent increase from April, 2019. Screenshot from Padmapper report. |
Toronto and Vancouver, the country’s two most expensive rental markets, have seen a downward market trajectory since COVID-19 hit, according to Padmapper. The report says the price drop for rentals is the first such drop since Padmapper started been analyzing rents.
“Toronto rents were down on all fronts. One-bedroom rent in this city dropped 2.2% month-over-month and year-over-year, while two-bedroom rent fell 4.1% last month and 0.7% since this time last year. Vancouver prices felt a similar downward trend as well,” reads the report.
Q&A: What B.C. renters and landlords need to know during the pandemic