4% Rent Hike: Median Price now $1870 for 1 Bdrm

 The cost of renting an apartment in Vancouver is up 4%, with renters asked to shell out a median price of $1,870 per month for a one-bedroom unit.

Data released by listings site PadMapper this week showed the city was once again the most expensive city for Canadian renters.

Based on listings for all vacant or available rental units in December 2016, the report showed the median price of a one-bedroom unit was up 3.9% from the previous month.

One-bedrooms were listed at a median rate of $1,870 last month, compared to $1800 in November. The rate for a two-bedroom unit was also up 4%, with a median listing price of $3,150.

Vancouver rates were significantly higher than those in the second-place city, Toronto, where one-bedrooms were available at a median rate of $1,550. Two-bedroom units were listed at a median of $1,970 – nearly $1,200 less than the Vancouver median.

Three other B.C. cities were included in the 25 markets PadMapper report, i.e. Victoria, Kelowna and Abbotsford:

Victoria was the 3rd most expensive city to rent in, with one-bedrooms listed 4.1% higher, at $1,270. The price of two-bedrooms was down 2%, at $1,490 for December.

Kelowna came in 9th, where one-bedrooms went for a median of $980 and two-bedrooms were listed at $1,400.

Abbotsford was in 22nd place, where residents pay a median of $790 for a one-bedroom and $930 for two.

Web Journalist Kendra Mangione, as quoted in CTV Vancouver

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