Rental Trends in September 2020
As schools reopen and more and more people head back to work, we take a closer look at the reported average rent prices across the Greater Vancouver Area for September. 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 Vancouver Rent Report sections:
Complete September 2020 Vancouver Rent Report: Download Here
Average Rent across Greater Vancouver
Here we see the average rent of a 1 bedroom, unfurnished apartment over the 6-month, April-September time frame. The average rent for unfurnished, 1 bedroom apartments seems to have stabilized with only a hint of downward pressure in September.
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>> RECOMMENDED: Average Rents near Transit in Great Vancouver
Month-to-Month Rent Change
As in previous months during the pandemic, the largest decreases were seen in the furnished rental market which is typically shorter-term rentals for travelling professionals, international students, or temporary visitors. This month, the trend continues for most of Greater Vancouver with Burnaby being the only exception – seeing a 5.75% increase in furnished rental rates. New Westminster saw the largest drop in prices – a decrease of 7.01% for furnished rentals.
Income to Rent Ratio
An Income to Rent Ratio determines the percentage of monthly or annual gross income a tenant applies to rent payments. This month we share this quarterly metric with our readers. As evidenced below, renters across the Lower Mainland spent a significant portion – 45% – of their income on rent this past quarter.
Rent per Square Foot
Rent per Square Foot is another new dataset we have been 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.
Renter Demographics
In September, the vast majority of rental seekers, 45%, fell into the 25-34 yr old category while 30% were in the under 25 categories.
Pet-Friendly Rentals
liv.rent continues to host more pet-friendly listings than any other platform with 26% 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 September was $1,650 down slightly from August’s $1,660. The average cost of a furnished apartment crept down too, to $1,824 from August’s $1,838.
Neighbourhood Breakdown
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 $1,356 up slightly from August’s average of $1,331. In comparison, Downtown Vancouver’s rent average of $1,968 is down a bit from August’s $1,987.
Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city, except Toronto.
Downloadable Resources
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Save the complete September 2020 Rent Report package for easy sharing and reference.
Complete September 2020 Vancouver Rent Report: Download Here
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COVID-19 Resources
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):
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