Vancouver Rental Trends
Let’s dive into this month’s rental stats for Vancouver by taking a closer look into average Vancouver rent prices, renter demographics, and rent changes in Greater Vancouver based on October 2019’s figures. The numbers this month point to an upward trend in Vancouver rental rates across the Lower Mainland and a forecast for further upward pressure into November.
Vancouver Renter Demographics
In October 2019, there were more men actively seeking a rental than women – 56% and 44% respectively, and the large majority of rental seekers, 37% fell into the 20-29 yr category, followed by 26% fell into the 30-39 yr, 8% fell into the 40-49 yr and 11% fell into the 49+ yr category.
Pet Friendly Vancouver Rentals
For all of you out there with furry friends, liv.rent continues to feature the largest percentage (24%) of pet friendly listings compared to 16% on other platforms.
Vancouver Furnished vs. Unfurnished Rent Averages
The average Vancouver rent for an unfurnished one bedroom apartment in October rose slightly to $1,685 from September’s $1,648 while the average cost of a furnished apartment decreased to $1,959 from September’s $1,979.
Highest vs. Cheapest Rent in Greater Vancouver
Surrey continues to have the lowest average rent in Greater Vancouver for a 1 bedroom, unfurnished unit at $1,367 compared to Downtown Vancouver’s highest average rent of $1,958 for a comparable home (down slightly from September’s $1,980).
Here is the full report, available for download and easy sharing:
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!