Rental Trends in November 2020
As we enter the winter months, more Vancouverites 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 November Vancouver Rent Report sections:
Complete November2020 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, June-November time frame. The average rent for unfurnished, 1 bedroom apartments seems to have stabilized with only a slight dip in November.
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Month-to-Month Rent Change
The greatest volatility continues to affect 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 Surrey experiencing a 11.39% decrease in furnished rental rates. North Vancouver, in turn, saw the largest increase in prices for furnished rentals – a rise of 4.6%. As for unfurnished rentals, the city of Burnaby experienced the largest dip at 6.72%.
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 – 37% – of their income on rent this past quarter.
Rent per Square Foot
Rent per Square Foot 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.
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In November, the vast majority of rental seekers, 45%, fell into the 25-34 yr old category while 28% were in the under 25 categories.
liv.rent continues to host more pet-friendly listings than any other platform with almost 1/3 of listings (28%) 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 November was down to $1,674 from October’s $1,693. The average cost of a furnished apartment also dipped to $1,833 from October’s $1,885.
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 $1,410, up slightly from October’s average of $1,381. In comparison, Downtown Vancouver’s rent average of $1,923 is down slightly from October’s $1,945.
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Most Expensive Cities in Canada
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Complete November 2020 Vancouver Rent Report: Download Here
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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):