Vancouver Rental Stats – May 2019 Snapshot

This month we take a look at the state of the rental market like average rent prices, renter demographics, and rent changes in Greater Vancouver based on May 2019’s figures.

Renter Statistics

In May 2019, again more women were actively seeking a rental property than men – 56% and 44% respectively, and the large majority of rental seekers – 45% – fell into the 25-34 year old category.

Pet Friendly Vancouver Rentals

For all of you out there with furry friends, liv.rent boasts the largest percentage (33%) of pet friendly listings as compared to 13% on other platforms (13%).

Furnished vs. Unfurnished Rentals

The average rent for an unfurnished one bedroom apartment in May was down from April’s $1,801 to $1,762. The average cost of a furnished apartment, however, crept upwards to $2,064 from April’s $1,862.

Bargain Hunters

Surrey continues to have the lowest average rent for a 1 bedroom unit at $1,460 (up slightly from April) compared to Downtown Vancouver’s average of $2,079 for a comparable home.

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.

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.

Be sure to subscribe to our mailing list for all future updates on the Vancouver rental market!

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