June 2021 Rental Trends

Summer is heating up and so is the rental market. Today we will be showing you the rental trends for Vancouver and the surrounding areas.

Average rent for Metro Vancouver

Taking a look at the last six months, it's clear that rents have been rising since the start of the year, but from May to June that rise has stopped and prices are more or less holding steady.

Month-to-month rent change

Unfurnished rent dropped right back down in West Vancouver, down almost 14% from last month, deleting the 15% increase from April to May. Unfurnished rent in Vancouver proper had basically no change, with a small increase of 1% along with unfurnished rents in North and South Van. Furnished rentals in Downtown and Surrey increased but other cities saw decreases across the board for furnished rentals.

Rent per square foot

Rent per square foot is a helpful metric to show the costs of living in various parts of Metro Vancouver.

Renter demographics

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.

Pet-friendly rentals

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 dropped slightly on average to around $1,850 for a one-bedroom, compared to just over $1,700 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!