Let’s dive into this month’s rental stats for Vancouver by taking a closer look into average rent prices, renter demographics, and rent changes in Greater Vancouver based on June 2019’s figures. The most remarkable numbers this month point to an overall drop in rental rates across the Lower Mainland with Downtown Vancouver seeing a 6.42% drop and Surrey an almost 10% drop (9.82%).
Vancouver Renter Demographics
In June 2019, again, more women were actively seeking a rental property than men – 56% and 45% respectively, and the large majority of rental seekers, 45%, fell into the 25-34 year old category.
Pet Friendly Vancouver Rental Stats
For all of you out there with furry friends, liv.rent continues to feature the largest percentage (33%) of pet friendly listings compared to 13% on other platforms (13%).
Furnished vs. Unfurnished Rent Averages
The average rent for an unfurnished one bedroom apartment in June dropped further from May’s low of $1,762 to $1,646, as did the average cost of a furnished apartment, from May’s $2,064 to $1,913.
Highest vs. Cheapest Rent in Vancouver
Surrey continues to have the lowest average rent for a 1 bedroom unit at $1,423 (down slightly from May) compared to Downtown Vancouver’s average of $1,886 for a comparable home (down almost $200 from May).
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.
If, however, prices and space requirements push you further away from the downtown core, consider buying an electric vehicle this year. Thousands of dollars in rebates could be yours in 2019 if you make the switch, considerably reducing the cost of commuting. Check out our post outlining all of the benefits and incentives of a 2019 e-vehicle purchase.
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For more rental stats, read our previous post, Vancouver Rental Stats – May 2019 Snapshot.
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