SOURCE: MARCH 2019 STATISTICS – LIV.RENT AND VARIOUS ONLINE SOURCES
This month, we take a look at the state of the rental market in Greater Vancouver.
Who is renting?
In March 2019, more women are actively seeking a rental property than men – 56% and 44% respectively, a switch since February. And the large majority of rental seekers – 45% – fall into the 25-34 year old category.
Finding accommodation when you have a furry friend remains a challenge for Greater Vancouverites. When looking at the volume of listings online, more than a quarter (26%) of liv.rent listings are pet friendly compared to 17% of listings on other platforms.
Furnished vs. Unfurnished
Choosing to rent furnished vs unfurnished continues to be a value assumption equation when it comes to pricing. The average rent for an unfurnished one bedroom apartment in March was $1,682 per month dropping from February’s $1,695 average. The average cost of a furnished apartment crept downwards too to $1,930 in March vs. February’s $2,050.
Looking for a bargain?
Surrey has the lowest average rent for a 1 bedroom unit at $1371 compared to Downtown Vancouver’s average of $2076 for a comparable apartment.
Remember though, despite paying premium rates to live in Vancouver, tenants are saving in other ways, primarily, on car-related expenses (vehicle, insurance, fuel and repairs). In addition, time is money, and living near where you work pays mental health dividends in terms of reduced commuting times and associated stress.
Average Rental Rates
Have a look at 1,2,3 bedroom averages. It may make sense to add another bedroom and find a roommate.
Stay tuned for our April numbers!