Vancouver Rental Trends
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 July 2019’s figures. The most remarkable numbers this month point to a recovery from June’s drop across the Lower Mainland with Downtown Vancouver seeing a 6.9% increase while Surrey rates continued to decline by 7.6%.
Vancouver Renter Demographics
In July 2019, in a change from previous months, it was more men actively seeking a rental than women – 55% and 45% respectively, and the large majority of rental seekers, 43%, fell into the 25-34 year old category.
Pet Friendly Vancouver Rentals
For all of you out there with furry friends, liv.rent continues to feature the largest percentage (28%) of pet friendly listings compared to 13% on other platforms.
Vancouver Furnished vs. Unfurnished Rent Averages
The average rent for an unfurnished one bedroom apartment in July dropped further (slightly) from June’s low of $1,646 to $1,638, while the average cost of a furnished apartment increased by $125 to $2,038.
Highest vs. Cheapest Rent in Greater Vancouver
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 – June 2019 Snapshot.