February 2020 Vancouver Rent Report

February 2020 Vancouver Rent Prices

2020 is in full swing and it’s time to explore February’s rental stats by taking a closer look at Vancouver rental prices, renter demographics, and rent changes in Greater Vancouver based on February 2020’s figures. The Vancouver rental price numbers for February point to an upward trend, reversing last month’s dip, and a forecast for further upward pressure through the first quarter of 2020.

February 2020 Vancouver rent prices

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Vancouver Renter Demographics

In February, the vast majority of rental seekers, 48%, fell into the 25-34 yr old category while 26% were in the under 25 category.

February 2020 Vancouver renter demographics

Pet Friendly Vancouver Rentals

For all of you out there with furry friends, liv.rent continues to feature the largest percentage (26%) of pet friendly listings compared to 20% on other platforms. In general, there seems to be a perceptible growth in the number of rentals that accept pets.

February 2020 Vancouver Pet Friendly Rentals Available

Vancouver Unfurnished vs. Furnished Rent Averages

How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one bedroom apartment in February increased slightly to $1,767 from January’s $1,701. The average cost of a furnished apartment went up too, to $1,985 from January’s $1,842.

February 2020 Vancouver Furnished vs Unfurnished Rent Prices

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Neighbourhood Breakdown

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 $1,511 up from January’s average of $1,358. Compared to Downtown Vancouver’s average of $1,967 down slightly from January’s $1,981.

February 2020 Vancouver Unfurnished Rent Prices By Neighbourhood February 2020 Vancouver Furnished Rent Prices By Neighbourhood

Most Expensive Cities in Canada

The cost of living in Vancouver remains high as compared to every other Canadian city, second only to Toronto.

Most Expensive Canadian Cities February 2020

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Here is the full report, available for download and easy sharing:

February 2020 Vancouver Rent Report

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 January 2020 Vancouver Rental Report or compare rents with Toronto: February 2020 Toronto Rent Report or Montreal: January 2020 Montreal Rent Report.

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