It appears Coquitlam has become the second most expensive medium-sized Canadian city for apartment rentals.
That's according to the latest national rent report released Thursday, Nov. 7, by Rentals.ca and Urbanation.
The average asking rent for Coquitlam purpose-built and condo apartments is $3,011 per month.
The price is 18 per cent above the average B.C.-wide rent of $2,549 — a 3.4 per cent year-over-year dip in October and the most expensive median among the Canadian provinces.
Only North Vancouver has a higher average asking apartment rent of $3,141 per month.
Rentals.ca classifies Coquitlam as an "affordable market," but rents are continuing to grow across Canadian mid-sized communities.
And this is despite average asking rents for all residential property types in Canada declining by 1.2 per cent year-over-year last month.
It's also the first annual rent drop since July 2021 during the COVID-19 pandemic.
"It is a rare occurrence for rents to decline at the national level," said Shaun Hildebrand, president of Urbanation, in a news release.
"This is happening as the key drivers of rent growth in recent years — a strengthening economy, quickly rising population, and worsening homeownership affordability — are beginning to reverse. As a result, we can likely expect this trend for rents to continue in the near-term, particularly as apartment completions remain at record highs."
In Vancouver, rents for all residential properties dropped by 8.4 per cent, averaging $2,945 per month.
Broken down, the latest numbers show the average for a one-bedroom in Vancouver is $2,610 and a two-bedroom is $3,430.
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