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 August 2019’s figures. The numbers this month point to a downward trend in rental rates across the Lower Mainland and a forecast for further downward pressure into September.
Vancouver Renter Demographics
In August 2019, like July, there were more men actively seeking a rental than women – 56% and 44% respectively, and the large majority of rental seekers, 48%, fell into the 44 + year old category.
Pet Friendly Vancouver Rentals
For all of you out there with furry friends, liv.rent continues to feature the largest percentage (25%) of pet friendly listings compared to 18% on other platforms.
Vancouver Furnished vs. Unfurnished Rent Averages
The average rent for an unfurnished one bedroom apartment in August dropped further from July’s low of $1,638 to $1,598 while the average cost of a furnished apartment decreased as well from July’s $2,038 to $1,979.
Highest vs. Cheapest Rent in Greater Vancouver
Surrey continues to have the lowest average rent for a 1 bedroom, unfurnished unit at $1,356 compared to Downtown Vancouver’s average of $1,931 for a comparable home (down considerably from July’s $2,519).
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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