Rental Trends in August 2020
This month, we take a closer look at the reported average rent prices across the Greater Vancouver Area. Based on data gathered from numerous listing websites and our own liv.rent platform, our rent reports seek to identify and share key market data and trends, to help inform and educate landlords and tenants alike.
Jump to the following Rent Report sections:
Average Rent across Greater Vancouver
Here we see the average rent of a 1 bedroom, unfurnished apartment over the 6-month, March-August time frame. The average rent for unfurnished, 1 bedroom apartments amidst the COVID-19 pandemic continued to see a slight uptick which is an improvement on the pandemic-induced downward pressure experienced in June.
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>> RECOMMENDED: Average Rents near Transit in Great Vancouver
Month-to-Month Rent Change
Below we show the percentage change in average rent from July to August. The biggest decrease was in South Vancouver where unfurnished 1 bedroom rentals dropped by 4.36%, while West Vancouver saw an increase of 27.48% for furnished rentals.
In previous months during the pandemic, the largest decreases, predictably, were seen in the furnished rental market which is typically shorter-term rentals for business travelers, international students, or temporary visitors. This month we see a recovery. Other reasons for this jump could be because people are needing these rentals to quarantine, they are visiting the Greater Vancouver Area from other parts of Canada (the Canada/US border remains closed), or their immigration process has started up again after a pandemic-related pause.
Most Popular Listing Type
This month we provide a breakdown of most popular listing types searched for on liv.rent. As is typically the case, 1 bedroom units are most in demand with almost 37% of liv.rent users looking for this type of accommodation while close to 29% of users were looking for 2 bedroom units.
In August, the vast majority of rental seekers, 45%, fell into the 25-34 yr old category while 29% were in the under 25 categories.
liv.rent continues to host more pet-friendly listings than any other platform with 25% 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 August was $1,660 up slightly from July’s $1,657. The average cost of a furnished apartment crept upward too, to $1,838 from July’s $1,806.
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 $1,331 down from July’s average of $1,341. In comparison, Downtown Vancouver’s rent average of $1,987 is down from July’s $2,024.
Rent per Square Foot
Rent per Square Foot is another new dataset we are introducing to our monthly Rent Reports. It is a key indicator of value for money, however, it does not take into account variables like transit accessibility and rental amenities.
Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city, except Toronto.
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For more rental insights, discover our previous Rent Reports:
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):
- BC Restart Plan: Guidelines for the Renting/Real Estate Industry
- Coronavirus (COVID-19) Canada – Support For Landlords
- Tips for Moving During the COVID-19 Pandemic
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