The average monthly asking rent for all property types in Canada was down 1.4 per cent in May over April to $1,814, according to Rentals.ca and Bullpen Research & Consulting which produced the latest National Rent Report.
And New Westminster is no exception.
The COVID-19 pandemic continues to put downward pressure on the rental market nationally, with rent down 7.2 per cent from the peak in September at $1,954 per month.
Although New Westminster was not on the list of 34 cities this month, average monthly rent in May for a one-bedroom home was $1,528 and average monthly rent for a two-bedroom was $1,885. The two-bedroom is down from $1,961 in February, and the one-bedroom is up slightly from $1,522 in February.
It’s not a big drop for two-bedroom rentals, but every dollar counts.
Vancouver finished second on the list of 34 cities for most expensive rents in May for a one-bedroom home at $2,022 and for a two-bedroom at $2,552.
The average monthly rents in Vancouver were up in May after being down in April. We suspect some short-term rentals are being repurposed into long-term rentals, which is affecting the pricing in the rental market.
Local Logic, which covers data on a number of Canadian real estate portals, found that in the Vancouver Census Metropolitan Area (CMA) there was a slight decrease in the share of transit-friendly searches in May. This indicates that interest by renters in being near a transit centre is waning.
