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March Rental Statistics
March Rental Statistics
As of March 2025, the Greater Victoria area is experiencing continued growth in its rental market, influenced by factors such as ongoing population expansion, economic changes, and persistent housing supply challenges. This report summarizes current rental rates, recent trends, and variances across different areas.
Average Rent by Area
The following table presents the average monthly rent for various regions within the Greater Victoria area as of March 2025:
| Region | Average Rent (1-Bedroom) | Average Rent (2-Bedroom) |
|---|---|---|
| Victoria | $1,875 | $2,800 |
| Saanich | $1,725 | $2,400 |
| Esquimalt | $1,600 | $2,300 |
| Oak Bay | $2,000 | $2,950 |
| Sidney | $1,550 | $2,200 |
| Langford | $1,500 | $2,000 |
| Colwood | $1,450 | $1,850 |
Note: All figures are approximations and may vary based on specific neighborhoods, property types, and amenities.
Yearly and Monthly Variance
In comparison to March 2024, average rents in most Greater Victoria areas have shown notable increases:
- Victoria: Up by 5% for 1-bedroom and 3% for 2-bedroom apartments.
- Saanich: Increased by 4% for 1-bedroom and 4% for 2-bedroom units.
- Esquimalt: Experienced a rise of 6% for both unit types.
- Oak Bay: Up by 4% for 1-bedroom and 5% for 2-bedroom rents.
- Sidney: Increased by 3% for 1-bedroom and 2-bedroom units.
- Langford: Showed a 2% rise for both types of apartments.
- Colwood: Remained stable with a marginal increase of 2% for both unit types.
Year-over-Year Comparison (March 2024 vs March 2025)
| Region | Mar 2024 Rent (1-Bedroom) | Mar 2025 Rent (1-Bedroom) | Yearly Change |
|---|---|---|---|
| Victoria | $1,787 | $1,875 | +4.90% |
| Saanich | $1,655 | $1,725 | +4.23% |
| Esquimalt | $1,505 | $1,600 | +6.32% |
| Oak Bay | $1,923 | $2,000 | +4.00% |
| Sidney | $1,500 | $1,550 | +3.33% |
| Langford | $1,469 | $1,500 | +2.11% |
| Colwood | $1,426 | $1,450 | +1.68% |
General Observations: The ongoing trend indicates a steady increase in rental prices across Greater Victoria. Key factors driving this trend include:
- Population Growth: Greater Victoria continues to attract residents due to its desirable lifestyle and remote work possibilities.
- Employment Opportunities: Growth in industries, particularly technology, healthcare, and tourism, is fueling job creation and housing demand.
- Limited Housing Supply: Ongoing housing supply constraints, influenced by zoning laws, property development timelines, and construction challenges, are contributing to rising rental costs.
As we move further into 2025, the rental market in Greater Victoria is projected to maintain its upward trend. Renters may encounter elevated costs, particularly in core urban areas. Meanwhile, peripheral locales like Colwood and Langford might offer more budget-friendly living alternatives.
Stakeholders—landlords, tenants, and policymakers—should remain vigilant regarding the evolving market dynamics to effectively adapt to the changing rental environment.
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