Vancouver Island Cities Surge in Renter Interest, Report Reveals

UPDATE: Two cities on Vancouver Island, Nanaimo and Victoria, have been confirmed among the top 25 trending locations for renter interest in Canada, according to a new report from RentCafe released today. This urgent data highlights a significant shift in the rental market, with Nanaimo ranking 13th overall and Victoria in 10th place.

Nanaimo takes the lead in available listings, capturing the top spot with a score of 65.11. The city is projected to see its population grow from 110,591 in 2024 to 120,162 by 2029, indicating a robust demand for rental properties. A recent city report forecasts a 23 percent increase in rented households between 2019-2029, despite a decline in single-detached homes.

In the report, Nanaimo’s rental landscape is characterized by a notable 38 percent growth in apartments, as officials aim to address increasing densification. The city also ranked first in available listings, a crucial factor driving renter interest.

Meanwhile, Victoria, while not leading in any category, secured the 10th overall position with a score of 67.41. The city ranked sixth for page views and 14th for saved listings, reflecting its popularity among renters despite being one of the most expensive markets in Canada. Victoria’s rental prices continue to pose challenges, as it consistently ranks as the fifth most expensive city for rentals in the nation, according to Zumper’s latest report.

Kelowna and Vancouver also made the list, ranking 20th and 22nd respectively, highlighting the growing interest in British Columbia’s rental market. Kelowna scored 53.88, while Vancouver trailed with a score of 50.25.

The top cities for renters in Canada are led by Winnipeg, followed by Moncton, Kingston, Edmonton, and Halifax. Notably, if affordability had been a factor, the rankings would likely have shifted significantly.

As rental demand intensifies, these developments signal a crucial moment for prospective renters and property owners alike. With ongoing growth in Nanaimo and Victoria, the rental market is expected to evolve, presenting both challenges and opportunities.

For renters seeking new homes, this report underscores the urgency of acting quickly in these desirable locations. With a competitive landscape, those looking to rent must stay informed about these trends and adapt to the rapidly changing market.

Expect more updates as the rental situation continues to develop across Canada.