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May Rental Statistics

As we roll into the summer rental season, May 2025 revealed several key trends across Greater Victoria and surrounding regions. From strong rental growth in family-sized units to signs of market stabilization in traditionally volatile zones, here’s a breakdown of what property managers, owners, and investors should know.

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🔍 Quick Highlights

• Victoria & Langford: Showed the highest year-over-year growth in 2–3-bedroom rentals.
• Duncan: Continued rent declines indicate soft demand or seasonal adjustment.
• Esquimalt/Vic West: Studios saw marginal drops—possibly due to price saturation.
• Average Rent (All Markets): Down from a March peak of $2,518 to $1,982.45 in May. Note: some data may be impacted by sample gaps.

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📈 Regional Summary

Victoria

• 1–3 bedroom units saw consistent month-over-month growth.
• Strong yearly appreciation, making it ideal for long-term investment.

Saanich

• Rent levels held steady with only minor fluctuations.
• Low-risk profile—good for conservative portfolios.

Esquimalt / Vic West

• Studios and 1-beds remained flat or dipped slightly.
• Possibly indicates renter fatigue or saturation in smaller units.

Langford / Colwood / View Royal

• Massive monthly growth exceeding 40% in some 2–3-bedroom categories.
• Surging demand in suburban, family-friendly areas.

Sooke

• Market stayed balanced with only minor rental changes.
• Consistent performance and low volatility.

Duncan

• Ongoing negative rent variance—the steepest regional decline.
• Suggests a soft market with limited renter demand.

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📊 Rent Variance Snapshot

Month-Over-Month (April → May 2025)

• Highest monthly rent increases seen in Victoria and Langford, particularly for larger units.
• Esquimalt Studios dropped slightly, signaling potential overpricing.

Year-Over-Year (May 2024 → May 2025)

• Victoria and Langford lead in long-term rent growth.
• Duncan saw the largest declines, reinforcing the need for caution.
• Sooke and Saanich continue a trend of stable, low-variance performance