The impact of COVID-19 on the New Westminster rental market continues to change, according to a new analysis.
New Westminster finished 15th in Canada for average monthly rent for a one-bedroom home in September at $1,540 and 10th for average monthly rent for a two-bedroom at $2,100, according to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report.
Overall in Canada, rents for one- and two-bedroom apartments and condominium rentals continue their downward trend year over year, while the average rent for all Canadian properties has remained the same the last four months, according to the report.
Rentals.ca data shows average rents declining 4 per cent annually for rental apartments around 400 square feet in Canada, and average rents increasing 17 per cent for 1,100-square-foot rental apartments. A visible stepping up is seen for the unit sizes in between.
"Many prospective tenants desire more space as they work from home," said Matt Danison, CEO of Rentals.ca. "We encourage our clients to highlight any extra space such as a den which can be used for office space or amenities such as fast internet, which can make working from home easier."
Vancouver finished second on the list of 35 cities for average monthly rent for a one-bedroom home in September at $1,941 and first for average monthly rent for a two-bedroom at $2,712.
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on Rentals.ca for Canada.