In terms of price per square foot, studio apartments in British Columbia are the most expensive rental properties on the Canadian market, according to a report.
The report released last week, which also looked at more traditional markers such as overall average price by property type, looked at what landlords were asking for in March based on square footage of rental units.
Rentals.ca’s National Rent Report found that, based on this marker, a West Coast studio is as expensive as it gets.
According to the report, an average studio costs $3.74 per month per square foot. Obviously, a studio is always cheaper than a larger apartment, but just looking at the monthly rate and square footage, those who moved into a studio paid more.
Studios were the most expensive by this measure for all provinces except Nova Scotia. Studio apartments in Ontario averaged $3.72 per square foot.
BC tenants who were able to spend more per month for larger space paid less for square footage. The rate for a one-bedroom apartment in the province was $3.28, compared to $2.78 for a two-bedroom apartment and $2.30 for a third bedroom.
Four-bedroom homes cost new tenants an average of $1.65 per square foot, according to listings on Rentals.ca in March.
Of course, that knowledge isn’t worth much, since most people budget based on what they can afford overall and have to live with what they’re paying per square foot.
Looking at that, it’s no surprise that homeowners in British Columbia are asking for more on average in March than those in the rest of Canada, with bachelors at around $1,600 and one-bedroom apartments at $1,808.
Two-bedroom units cost an average of $2,324, while owners of three-bedroom homes charged an additional $600 per month, and four-bedroom units cost around $3,525.
The averages are based on new leases, not what existing tenants have paid, meaning those who have been in their homes for a while are likely paying less.
As is almost always the case, Vancouver edged out the rest of the country in the latest report, which was compiled with Bullpen Research and Consulting.
According to the report, the average rent for all property types in Vancouver last month was $2,925. The nationwide average was more than $1,000 lower, at $1,818.
The rate is not only high for Canada as a whole, but also high for Vancouver itself. The March 2022 rate is up nearly 30% from the average for the same month last year.
According to the report, the average for bedrooms was $2,280 last month, and owners were expecting $3,122 for two bedrooms.