Rental Trends in June 2020
This month, we take a closer look at the reported average rent prices across the Greater Vancouver Area. This is the third rent report based on data gathered from numerous listing websites during the quarantine period and we’re seeing downward pressure on rental rates continue 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, January-June time frame. The average rent for unfurnished, 1 bedroom apartments amidst the COVID-19 pandemic continues to see downward pressure in June following the pandemic-induced trend of April and May.
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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 May to June’s figures. The biggest decrease was in Burnaby where unfurnished rentals dropped by 5.76%, while West Vancouver saw an increase of 6.97% for unfurnished rentals.
In June, the vast majority of rental seekers, 47%, 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 27% 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 June was $1,639 down from May’s $1,668. The average cost of a furnished apartment went up slightly to $1,834 from May’s $1,828.
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 $1,337 down from May’s average of $1,371. In comparison, Downtown Vancouver’s rent average of $1,933 is down from May’s $1,955.
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. 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)
Be sure to subscribe to our mailing list for all future updates on the Vancouver rental market and for our continued reporting on the impact of COVID-19 on the rental industry.
Here is the full report, available for download and easy sharing:
See last month’s Rent Reports: