Richmond rent is among the highest among mid-sized cities in Canada, according to a newly released report, with rents almost 15 per cent higher than a year ago.
Rentals.ca released its June report on the Canadian rental market, and it showed the average rent in Richmond in May was $2,711 per month, a 14.6-per-cent increase from the same month last year.
This makes Richmond the fourth most expensive city for renters in the province, following Vancouver ($3,137), Burnaby ($2,899) and Coquitlam ($2,774), and the fourth most expensive mid-sized market in Canada.
In comparison, the average rent in Canada in May was $2,014.
Demand remains high: rental agent
Despite the growth in rental units, demand in Richmond appears to remain high, according to a local rental agent.
“I think the market is still hot after a quieter period in spring,” said Ian Zhang, a Richmond-based rental agent.
A landlord often receives multiple applications for an available unit, according to Zhang, and a one-bedroom apartment is usually rented out within a week while a two bedroom is usually gone within two weeks.
“I posted a one-bedroom apartment recently in the evening and received three applications the next day, including one that was selected,” he said.
“People… have to accept the higher rent in the market, like how landlords have to accept the higher housing interest rates.
“If they look at other markets in Metro Vancouver, the rent is not necessarily much cheaper.”
Rent growth slowing down
According to the report, May’s rental increases were the slowest in Canada over the last 17 months, with a 0.6 per cent month-over-month increase.
In Richmond, the average rent declined slightly in May compared to the average rent in April, which was $2,723.
However, the report warned that while rent increases have begun to moderate in Canada, “further upward pressure on rents is expected in the coming months as the population continues to expand at a record pace.
“And homeownership affordability worsens following the recent upward momentum in housing prices and additional increase in interest rates.”
