Despite a recent drop in rental prices, Burnaby continues to rank as one of the most expensive rental markets in Canada, according to Rentals.ca’s September report.
In August, Burnaby’s average rent for a one-bedroom apartment was $2,500, marking a 2.6% decrease from July and a 2.2% decrease year-over-year. For a two-bedroom unit, the average rent stood at $3,109, reflecting a 2.4% drop from the previous month and a significant 9.5% decrease compared to August 2023.
Burnaby remains just behind Vancouver in rental costs. In August, a one-bedroom apartment in Vancouver averaged $2,708, while a two-bedroom reached $3,632.
Provincially, British Columbia holds the highest rental averages in the country. The overall average rent in B.C. was $2,536, though this figure dropped by 5% compared to July. Specific averages for August include:
Studio apartment: $1,955 (down 2% year-over-year)
One-bedroom apartment: $2,264 (down 6% year-over-year)
Two-bedroom apartment: $2,873 (down 2% year-over-year)
Three-bedroom apartment: $3,370 (up 1% year-over-year)
Nationally, the average rent for all residential property types increased to $2,187 in August, representing a 3.3% rise over the past year.
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