Rental rates throughout Nanaimo continue to rise for all unit types, part of a trend being witnessed nationwide. (Ian Holmes/NanaimoNewsNOW)

By Alex Rawnsley

monthly rent

Rent prices in Nanaimo & across Canada push higher into record territory

Dec 14, 2022 | 4:04 PM

NANAIMO — Despite a cooling down Real Estate market, rental housing locally and across the country remain as expensive as ever.

The National Rent Report, produced by Rentals.ca, showed the average rental price across all building types in Canada was $2,024 as of November 2022, up 12.4 per cent from the same time last year.

Vancouver led the way nationally with prices ranging from $2,633 for a one bedroom unit to $3,598 for a two bedroom, both up over 20 per cent from 2021.

Nanaimo was not included in the National Rent Report, however data collected by listings website Zumper showed the average rental price for a one bedroom apartment in the city was $1,775 per month, up roughly 17 per cent year-over-year.

An average two-bedroom apartment in Nanaimo is currently available for $2,050, up 11 per cent over this time last year.

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According to Zumper, prices for rentals in Nanaimo surged since summer 2017 when an average two bedroom apartment cost roughly $1,000.

British Columbia had five of the top most expensive rental markets among those studied for the National Rent Report.

Following Vancouver in the number one spot, Burnaby (3rd, $2,968 for a two-bedroom unit), Victoria (9th, $2,698), Kelowna (11th, $2,544) and Surrey (16th, $2,316) all made the list.

Ontario had the highest representation, taking out 16 of the top 22 positions.

The complete report is available on the Rentals.ca website.

Nanaimo’s rapidly rising rental costs comes despite increased residential development, including purpose-built rental options.

However, strong residential building activity in the Nanaimo area has been offset by consistent population growth in recent years.

The National Rent Report shows a sharp increase in rental pricing year over year across many markets in Canada. (National Rent Report)

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