According to the Fall Rental Market Survey released today by The Canada Mortgage and Housing Corporation (CMHC), 2011 was a good year for landlords. Property managers managed to squeeze a little more cash out of their tenants, as the average price of rent for a two bedroom apartment went up by twenty bucks, from $860 dollars last year to $883 in 2011.
The old real estate phrase, “location, location, location” still holds true as the average price of rent varied drastically depending on the respective city. Vancouver still ranks as the most expensive place to rent, as the average price of a two bedroom apartment registers at approximately $1,237.
However, Vancouver's high price of rent is probably worth the steepened cash call, according to London based The Economist Group, whose recent poll “Best Cities to Live-In” ranked Vancouver as not only the best place to live in Canada, but also, the best city to live in...in the entire world. The poll attributed Vancouver's amazing livability to its lush green scenery, clean streets, diverse culinary community and expansive cultural outlets.
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In comparison, for those looking to save cash on rent, the lowest city to find a discounted abode is in the outstandingly affordable city of Troise Rivieres, in the region of Quebec, where the average monthly rent chalked up to $547 dollars for a two bedroom apartment.
All in all the conservative climb in rental price, can be read as a positive sign, as more people are managing to afford to rent, and at higher prices. However, some say the decreased rental vacancy rate may indicate a moderate conversion of mortgage payers to renters, as the ailing economy has made renting more attractive to home owners stricken with overly steep mortgages. All these factors may have contributed small effects, but chances are the increased prices are just keeping up with the natural progression of inflation, which like time itself, continues to steadily tick on.