Rental Trends in January 2021
As we say good riddance to a historic year and welcome 2021, many Vancouverites continue to work and study from home as COVID-19 vaccines begin to roll out around the world and we look ahead to a brighter future.
To kick off the new year, we take a closer look at the reported average rent prices across the Greater Vancouver Area for December, based on data gathered from numerous listing websites and our own liv.rent platform, we see some upticks in rental rates in certain areas. 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 January Vancouver Rent Report sections:
Complete January 2021 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, August-January time frame. The average rent for unfurnished, 1 bedroom apartments has stabilized with only a slight dip from December’s rates.
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>> Recommended Reading: Average Rents near Transit in Great Vancouver
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 in some parts of Greater Vancouver with Burnaby seeing a 8.99% dip in furnished rental rates and West Vancouver experiencing a very close 8.64% dip in furnished rental rates following December’s 16.41% spike. Burnaby also saw the greatest increase in unfurnished rentals with a 2.34% improvement while North Vancouver saw the highest spike in furnished rentals at 6.85%.
>> Recommended Reading: Feature Update: View Rental Listings On-line with Video Tours
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 – 40% – of their income on rent in the final quarter of 2020 up from 37% in Q3 2020. This is interesting given the downward pressure on rental rates through most of 2020.
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. Based on raw figures alone, the average rent per sq. ft across Metro Vancouver was $2.38 with the suburb of Coquitlam offering the best value for rent dollar at $2.01/sq. ft.
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Renter Demographics
In January, the vast majority of rental seekers, 45%, fell into the 25-34 yr old category while 29% were in the under 25 category.
Pet-Friendly Rentals
liv.rent continues to host more pet-friendly listings than any other platform with more than a third of listings (37%) willing to welcome household pets vs. 26% on other rental platforms.
Average Unfurnished vs. Furnished Rates
How much is rent in Vancouver? The average rent in Greater Vancouver for an unfurnished one-bedroom apartment in January was down slightly to $1,670 from December’s $1,687. The average cost of a furnished apartment, however, increased to $1,905 from December’s $1,822.
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 Greater Vancouver area for a 1 bedroom, unfurnished unit at $1,336, down from December’s average of $1,357. In comparison, Downtown Vancouver’s rent average of $2,020 was up from December’s $2,010 – a sign of some recovery in the rental market.
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Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city, except Toronto and the gap between the two is closing.
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Downloadable Resources
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Complete January 2021 Vancouver Rent Report: Download Here
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Vancouver Rent Report
Toronto Rent Report
Montreal Rent Report
Calgary and Edmonton 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):
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