March 2020 Vancouver Rent Report
March 2020 Vancouver Rent Prices
As we near the end of the first quarter of 2020, let’s take a closer look at Vancouver rental prices, renter demographics, and rent changes in Greater Vancouver based on March 2020’s figures. The Vancouver rental price numbers for March dipped but we forecast a stabilizing trend as we enter Spring 2020.
Vancouver Renter Demographics
In March, the vast majority of rental seekers, 48%, fell into the 25-34 yr old category while 26% were in the under 25 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 19% on other platforms. In general, there seems to be a perceptible growth in the number of rentals that accept pets.
Search all pet-friendly listings here: Pet-friendly listings in Vancouver.
Vancouver Unfurnished vs. Furnished Rent Averages
How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one bedroom apartment in March was $1,742 down slightly from February’s $1,767. The average cost of a furnished apartment went down too, to $1,854 from February’s $1,985.
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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 $1,481 down slightly from February’s average of $1,511. Compared to Downtown Vancouver’s average of $2,014 up from February’s $1,967.
Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city, second only to Toronto.
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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.
See last month’s Rent Reports:
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