April Rent Report: What is happening in the Vancouver rental market?
Rental Trends in April 2020
This month, we take a closer look at what the reported average rent prices are across the Greater Vancouver Area. Based on gathered data from numerous listing websites, we see a general downward trend in rent across the city.
Average Rent across Greater Vancouver
Below we show the average rent of a 1 bedroom, unfurnished apartment over the 6-month, November-April time frame. Average rent for unfurnished, 1 bedroom apartments see a new low in the month of April amidst the COVID-19 pandemic. Compared to March numbers, April average rent drops $64 – a 3.67% drop.
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(RECOMMENDED POST: Coronavirus (COVID-19) Canada – Update For Landlords and Tenants)
Month-to-Month Rent Change
Below we show the percentage change in average rent from March to April’s figures. The biggest decrease was in North Vancouver where rent’s went down by 8.45% while Burnaby saw a 14% increase in rates for furnished apartments.
In April, the vast majority of rental seekers, 47%, fell into the 25-34 yr old category while 26% were in the under 25 category.
Average unfurnished vs. Furnished rates
How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one-bedroom apartment in April was $1,678 down from March’s $1,742. The average cost of a furnished apartment curiously ticked upward to $1,883 from March’s $1,854. This might be the result of people exiting long term leases and needing short term accommodation (usually furnished) while they determine the next steps under the pandemic.
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 $1,408 down slightly from March’s average of $1,481. Compared to Downtown Vancouver’s average of $1,958 down from March’s $2,014.
Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city except Toronto.
For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to our comprehensive resource posts for landlords and tenants. They include information on the various federal and provincial assistance initiatives available to help small businesses (landlords) and tenants (rent relief):
- Coronavirus (COVID-19) Canada – Update For Landlords and Tenants
- Coronavirus (COVID-19) Canada – Resources for Landlords and Tenants
For official updates on Coronavirus (COVID-19)
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Here is the full report, available for download and easy sharing:
See last month’s Rent Reports: