The sharp increase helped drive up the average cost of renting a two-bedroom unit in a purpose-built rental apartment by 6.7 per cent from 2021.
Rent for the average Greater Victoria two-bedroom apartment that saw tenant turnover in 2022 rose by a third, Canada Mortgage and Housing’s latest annual rental market report shows.
This is the first renter market report that includes changes in rental rates when a unit changes hands. The issue is becoming more of a concern as family companies take over small apartment buildings in the capital region, King said. Last year brought a net increase of 1,411 units in purpose-built rental-apartment units in the capital region, as well as 229 condominiums for rent, she said. Both those categories grew by more than twice what was seen in 2021.
When all types of rental units were taken into account, from studios to three-bedrooms, the average rate for purpose-built rental stock in the capital region was up by 7.7 per cent, the fastest growth in more than three decades, Sun said.
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