Almost halfway through 2021 and today we will be looking at the cost of rent in Metro Vancouver. Here is the latest data and trends to share with you!
Average rent for Metro Vancouver
Rental rates in Vancouver have been steadily rising since February, after a significant decline in 2020. The average rent for an unfurnished one-bedroom apartment in Vancouver is $1,713.
Month-to-month rent change
Unfurnished rent increased significantly in West Vancouver, increasing 15% from April to May. Rent in Vancouver proper increased by a modest 3% while unfurnished rents in North and South Van decreased from last month. Furnished rentals in Burnaby increasing by more than 10% over the same period are important to note.
Based on liv.rent’s data on renter demographics, they have stayed pretty consistent since April. 71% of renters are under the age of 34, with close to half of the renters between the ages of 25 and 34.
Over 40% of renters have pets, with this number increasing since last month. We have seen this number steadily increase over the past year as well. This is very important for landlords to keep an eye on, as you do not want to be limiting your renter pool.
Average unfurnished vs. furnished rates
Furnished rentals in Vancouver are nearing $1,900 on average for a one-bedroom, compared to $1,713 for similar unfurnished units.
A new update every month
Keep following Vancouver Rent It for more monthly updates on the rental market and be sure to check out our website www.vancouverrentit.com!