Rents in New Westminster are among the fastest-rising rental rates in the country, according to a recent national rent report.
The June 2023 rent report by Rentals.ca and Urbanation shows New Westminster ranked fourth in Canada when it came to the annual change in average rent for purpose-built and condo apartments.
As of May 2023, rents in New Westminster were up 22.6 per cent over the previous year, ranking it fourth among the 25 fastest growing mid-sized markets in the country — and the worst in B.C.
Scarborough, Ont. led the way with a 29.1 per cent annual change, followed by Red Deer, Alta. at 25.4 per cent and Brampton, Ont. at 23.4 per cent.
Other B.C. municipalities that made the list were also based in Metro Vancouver, with Burnaby sixth at 19 per cent, Richmond 11th at 14.6 per cent, Surrey 14th at 11.9 per cent, Coquitlam 16th at 11.1 per cent and Langley 23rd at 7.7 per cent.
Average rent in New Westminster: $2,426 per month
Despite the growth, the average asking rent in New Westminster remains lower than some other areas of the Lower Mainland.
New Westminster saw an average asking rent of $2,426 per month for purpose-built and condo rental apartments in May 2023.
That ranks it 18th on the list of the top 25 mid-sized markets in Canada.
Leading the way was Oakville, Ont., at $3,373, followed by three of New Westminster’s neighbours: Burnaby, at $2,899; Coquitlam, at $2,774; and Richmond, at $2,711.
Surrey and Langley trailed New Westminster in 20th and 21st places, with average asking rents of $2,346 and $2,268, respectively.
The report warns renters have likely not seen the last of increases.
“Higher rents are on the horizon with interest rates at a 22-year high, rising home prices and record immigration,” said Matt Danison, CEO of Rentals.ca Network, in a press release. “Gen Z could become the ‘Boomerang Generation,’ moving back in with the parents, or the ‘Roommate Generation,’ splitting rent as it’s unaffordable for many Canadians to pay rent on their own. Governments at all levels need to come up with creative solutions to increase housing supply.”
📢 SOUND OFF: Have you been affected by high rental prices in New Westminster? What would you like to see governments (at all levels) do to rein in prices? Share your thoughts — send us a letter.
