October 2020 Vancouver Rent Report

Rental Trends in October 2020 

Schools have re-opened, fall activities are underway, more people have returned to work and some government COVID-19 supports have ended. With this in mind, we take a closer look at the reported average rent prices across the Greater Vancouver Area for October. 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 October 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, May-October time frame. The average rent for unfurnished, 1 bedroom apartments seems to have stabilized experiencing a slight recovery in October.

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Month-to-Month Rent Change

As in previous months during the pandemic, the greatest volatility appears 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 South Vancouver experiencing a 14.75% increase in furnished rental rates. West Vancouver, in turn, saw the largest drop in prices, but for unfurnished rentals – a decrease of 13.12%.

Rent per Square Foot

Rent per Square Foot is a dataset we have recently introduced 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, distance from downtown and rental amenities.

In October, the vast majority of rental seekers were seeking 1 bedroom (35.94%) or 2 bedroom (32.74%) properties.

Renter Demographics

In October, 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 almost 1/3 of listings (30%) willing to welcome household pets.

Average Unfurnished vs. Furnished Rates 

How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one-bedroom apartment in October was up slightly to $1,693 from September’s $1,650. The average cost of a furnished apartment was up too, to $1,885 from September’s $1,824.

Neighbourhood Breakdown 

To assist you in making 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 $1,381, up slightly from September’s average of $1,356. In comparison, Downtown Vancouver’s rent average of $1,945 is down a bit from September’s $1,968.

Gain comprehensive insights about your listings with the new liv.rent Landlord listing Dashboard. Sign in to unlock live insights – find out the average rent for a comparable property, number of views your listing received and more!

Most Expensive Cities in Canada

The cost of living in Vancouver remains high as compared to every other Canadian city, except Toronto.

Downloadable Resources

Bring the latest rental averages and trends to your next video conference with our custom virtual backgrounds. 

Free Virtual Backgrounds: Download Here

Save the complete October 2020 Rent Report package for easy sharing and reference.

Complete October 2020 Vancouver Rent Report: Download Here

october vancouver rent report

Find apartments & houses for rent with the liv.rent app

Rethink The Way You Rent

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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

November 2021 Vancouver Rent Report
November 2021 Toronto Rent Report
November 2021 Montreal Rent Report

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):

Kristina Ikavalko

Kristina Ikavalko

Creative Content Creator at liv.rent

Creative Content Creator for liv.rent, based in Vancouver. [Read Full Bio]

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