December 2019 Vancouver Rent Report
December 2019 Vancouver Rent Prices
Let’s dive into the December 2019 Vancouver Rent Report and take a closer look into average rents in Vancouver, renter demographics, and rent changes in Greater Vancouver based on December 2019’s figures. The Vancouver rental price numbers for December point to an upward trend in rental rates across the Lower Mainland and a forecast for further upward pressure into 2020.
Vancouver Renter Demographics
In December, the vast majority of rental seekers, 45% fell into the 25-34 yr old category, followed by 22% in the 35-44 yr old category.
Pet Friendly Vancouver Rentals
For all of you out there with furry friends, liv.rent continues to feature the largest percentage (29%) of pet friendly listings compared to 20% on other platforms. In general, there seems to be perceptible growth in the number of rentals that accept pets.
Vancouver Unfurnished vs. Furnished Rent Averages
How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one bedroom apartment in December rose slightly to $1,784 from November’s $1,700. The average cost of a furnished apartment decreased slightly to $1,957 from November’s $1,962.
To assist you in your rental decision, here is a breakdown of rental averages across other Greater Vancouver neighbourhoods. Comparing 1, 2, and 3 bedroom rates for both unfurnished and furnished listings across each neighbourhood.
Surrey continues to have the lowest average rent in the Vancouver area for a 1 bedroom, unfurnished unit at $1,390, up slightly from November’s average of $1,352 compared to Downtown Vancouver’s average of $2,187- up from November’s $1,975.
Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city, second only to Toronto.
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.
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Or, this month, introducing Montreal: December 2019 Montreal Rent Report