The cost of rent for a one-bed unit in Toronto remained above $2,000 in May, according to the latest rent report from Padmapper.
Ontario’s capital is still the most expensive rental market, charging $2,250 for a one bedroom. Although this is a $10 drop from April, rent prices have increased by more than eight per cent year over year. As for a two bedroom, cost remained flat from last month, sitting at $2,850.
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Vancouver, which came in second for high rent, also saw a slight change in prices month over month. Rent for a one-bed unit in Vancity inched up by 1.4 per cent to $2,130 in May. A two bedroom, however, saw a dip of 0.3 per cent and is now going for $3,090.
Burnaby and Montreal maintained their third and fourth spots on Padmapper’s report. In May, prices in these cities remained flat at $1,570 and $1,470, respectively.
Taking the fifth spot was Barrie. The price of a one-bed unit in the Ontario city climbed 4.3 per cent to $1,440, edging above the cost in Victoria, which is now $1,390.
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Overall, eight of the total cities in the report saw rent growth in May, while just three saw prices decline. The remaining 13, which is more than half of the cities, had flat prices.
Windsor is still the least expensive rental market with prices remaining below $1,000. However, it’s also the city with the fastest growing rent for a one bedroom. Rent in May jumped to $800 from $760, which is an increase of 5.3 per cent.
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Similarly, St. Catherines saw a 5.2 per cent increase from April to May. It now ranks as the ninth most expensive rental market, with a one-bed costing $1,210.
So, which cities saw their prices drop? That would be Halifax and Kelowna, whose rents dipped by three per cent to $960 and $1,280, respectively.
