A new rental listing is either 鈥渃ute and cozy鈥� or it鈥檚 a 鈥済lorified shed鈥� depending on who you are asking.

The posting on a Craigslist showcases a bachelor unit 鈥� also known as a garden or studio suite 鈥� in Saanich that is near the University of Victoria.

It鈥檚 just 300 square feet but is being listed for $1,600 鈥� the cost of many older full-sized one-bedroom apartments in the Greater Victoria region.

鈥淚t鈥檚 a glorified shed,鈥� said Connor, a local resident who doesn鈥檛 want their last name used because of an active attempt to find a rental and a desire not to alienat potential landlords. 鈥淚t鈥檚 not just how high the prices are, but the terrible kind of places being advertised.

Meanwhile, the Victoria rental housing market continues to get pricier.

According to a new report by Rentals.ca, Victoria came in 11th on its list of 35 cities for average monthly rent in May for a one-bedroom at $2,045 and ninth for average monthly rent for a two-bedroom at $2,616.

Year over year, average monthly rent in May for a one-bedroom in Victoria was up 3.4 per cent.

Vancouver once again tops the list of 35 cities for average monthly rent. In May, average monthly rent in the city for a one-bedroom home was $2,831, and average monthly rent for a two-bedroom was $3,666.

鈥淗igher rents are on the horizon with interest rates at a 22-year high, rising home prices and record immigration. Gen Z could become the 鈥楤oomerang Generation鈥� moving back in with the parents or the 鈥楻oommate Generation鈥� splitting rent as it鈥檚 unaffordable for many Canadians to pay rent on their own. Governments at all levels need to come up with creative solutions to increase housing supply,鈥� said Matt Danison, CEO of Rentals.ca Network, in a news release.

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level.

READ MORE:

READ MORE: