Despite another drop in Vancouver apartment rent prices in June, many renters are opting for less expensive cities, according to a report.

According to sources, a Canadian Rent Report which analyzes rental data from active listings across the country, found a one-bedroom apartment decreased by 1.4 per cent compared with May to an average of $2,070 while two bedroom apartments dropped 4.3 per cent to $2,870.

Rent for a one-bedroom place has fallen 5.9 per cent in 12 months, while the cost of a two-bedroom apartment has dropped 10.3 per cent.

Burnaby was third most expensive in Canada with one-bedroom rent falling 3.4 per cent to $1,690, while two-bedrooms remained flat at $2,300.

The top five most expensive rental markets in Canada were Toronto, followed by Vancouver, Burnaby, Victoria, and Barrie, Ont.

Kelowna dropped one spot and is now ranked eighth most expensive as one-bedroom rent decreased by 1.4 per cent to $1,420.

The source also says the demand for rentals show some rebound heading into summer, though renter priorities have shifted away from big cities to neighbouring areas like Burnaby and Barrie. Both had rent go up 7.6 per cent over last year.

“As the pandemic persists on and working from home has become the new normal, it seems the demand for rentals has shifted away from the most pricey areas, like Toronto and Vancouver, and a significant amount of that demand is moving toward neighbouring, less expensive areas, like Barrie and Burnaby,” the report says.

It says renters are now making affordability and space priorities over paying more for big city amenities.

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Source: Vancouver Sun