The cost for an apartment rental rose faster in Nanaimo than nearly anywhere else in Canada to end 2025, with the Harbour City seeing a 5.6 per cent increase year-over-year. Similar trends were seen for other one and two bedroom rentals, despite downward pressure evident elsewhere. (Image Credit: Dreamtime)

By Alex Rawnsley

pricey property

Nanaimo rental rates rise despite downward trend elsewhere

Jan 12, 2026 | 4:08 PM

NANAIMO — Rent in the Harbour City is going against falling trends seen elsewhere in the province and nationwide.

A new report released Monday, Jan. 12 by Rentals.ca shows the average price for a one-bedroom apartment in Nanaimo was $1,827 per month in December 2025, a four per cent increase over the year prior, while two-bedroom units went for $2,326, representing a 9.4 per cent surge compared to the end of 2024.

While Nanaimo ranked 28th overall on average monthly cost, it was one of the few municipalities of its kind not to see a year-over-year reduction.

Monthly prices for similar units in North Vancouver (most expensive at $2,974 on average), Vancouver (2nd at $2,664) and Victoria (20th at $2,208) all saw year over year drops of between four and seven per cent.

“Asking rents for all property types in Canada ended the year at an average of $2,060 in December, decreasing on an annual basis for the 15th consecutive month with a 2.3 per cent year-over-year decline,” the report stated. “Rents fell to their lowest level in 30 months, declining by a total of 5.4 per cent over the past two years.”

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In addition to North Vancouver, Vancouver and Victoria, Burnaby, Coquitlam, Langley, Kelowna, New Westminster and Surrey all paced ahead of Nanaimo for average price.

However, all saw year-over-year decreased in rent for a two-bedroom home, highlighted by an 11.3 per cent drop in New Westminster and nearly 10 per cent in Surrey.

Apartment-specific rentals in Nanaimo saw some of the biggest increases nationwide, with a 5.6 per cent increase, while other municipalities such as Coquitlam saw double-digit declines.

B.C., Ontario and Alberta led the country in provincial rent declines on average, while Saskatchewan saw the strongest growth, according to the report.

Average asking rent is at a level not seen in Vancouver and Toronto since early 2022.

The report also stated larger family homes, specifically three-bedrooms, saw rents rise marginally to a national average of $2,501, while four-bedroom rentals dropped to $2,853.

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