The average cost of rent in Vancouver for February 2021.

February 2021 Vancouver Rent Report

Rental Trends in February 2021 

Now a month into 2021, COVID-19 restrictions continue to have Vancouverites working and studying from home. The vaccines are continuing to roll out, but precautions are still being taken to protect homes against the virus.

We’re taking an up-to-date look at what the cost of rent in Metro Vancouver in 2021 is based on data from our own liv.rent platform and other listings websites. Based on what we found, we’re seeing 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 February Vancouver Rent Report sections:

Complete February 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, September-February time frame. The average rent for unfurnished, 1 bedroom apartments continuing to decline from January’s rates.


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Month-to-Month Rent Change

Continuing from January, 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 is most prevalent in some parts of Greater Vancouver with West Vancouver seeing a dramatic seeing a 14.10% dip in furnished rental rates, while Coquitlam notable bucks the trend again, with furnished rentals rising 7.69% from last month’s 4.88%. New Westminster had a dramatic turnaround in the unfurnished rental rate: January saw a dip to -1.99%, where February sees a spike to 3.35%.


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 $2.55 with the suburb of Surrey offering the best value for rent dollar at $1.67/sq. ft.



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Renter Demographics

As in January, the vast majority of rental seekers in February, 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 (38%) 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 $1,661 from January’s $1,670. The average cost of a furnished apartment also decreased to $1,859 from last month’s $1,905.


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 maintains the lowest average rent in the Greater Vancouver area for a 1 bedroom, unfurnished unit at $1,293, down from January’s average of $1,336. Where January saw a recovery in the furnished rental rates, almost all Greater Vancouver areas saw another drop in February, with Downtown Vancouver falling to $2,082 for a 1 bedroom.



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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 continues to narrow.



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Downloadable Resources

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

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Looking for the full report? Download it for free below.

Complete February 2021 Vancouver Rent Report: Download Here




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

March 2021 Vancouver Rent Report
March 2021 Toronto Rent Report
March 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):

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