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.
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.
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.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.
Keep following Vancouver Rent It for more monthly updates on the rental market and be sure to check out our website www.vancouverrentit.com!