Rental Trends in May 2020
This month, we take a closer look at what the reported average rent prices are across the Greater Vancouver Area. This is the first rent report based on data gathered from numerous listing websites during a complete quarantine period (all of April) and we’re seeing downward pressure on rental rates across the Lower Mainland.
Average Rent across Greater Vancouver
Below we show the average rent of a 1 bedroom, unfurnished apartment over the 6-month, December-May time frame. The average rent for unfurnished, 1 bedroom apartments amidst the COVID-19 pandemic continues to see downward pressure in May following the pandemic-induced trend of April.
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(RECOMMENDED POST: Average Rents near Transit in Great Vancouver)
Month-to-Month Rent Change
Below we show the percentage change in average rent from April to May’s figures. The biggest decrease was in Burnaby where furnished rentals dropped by 16.45% while South Vancouver saw an increase of 11.27%.
In May, the vast majority of rental seekers, 46%, fell into the 25-34 yr old category while 27% were in the under 25 categories.
liv.rent continues to host more pet-friendly listings than any other platform with 22% of listings willing to house pets.
Average Unfurnished vs. Furnished rates
How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one-bedroom apartment in May was $1,668 down from April’s $1,678. The average cost of a furnished apartment dipped slightly to $1,828 from April’s $1,883.
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 $1,371 down from April’s average of $1,408. Compared to Downtown Vancouver’s average of $1,955 down from April’s $1,958.
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 support landlords (small business relief) and tenants (rent relief):
- Coronavirus (COVID-19) Canada – Support For Landlords
- Coronavirus (COVID-19) Rent Relief Canada
- 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: