July 2021 Vancouver Rent Report

July has sizzled into Vancouver and here at liv.rent we have a spicy drop of fresh rental market data. While renters might be dreaming of air-conditioned units with outdoor pool amenities, we’re busying ourselves tracking the changes month by month in the local rental market.

You can get the latest updates on the Vancouver rental market straight to your inbox when you subscribe to keep on top of the latest rent trends.

Each month, our reports share key rental market data to support our community of landlords and tenants. We gathered this data manually both from our own platform and from other listings websites.

Let’s take a look now at the real, on-the-ground costs of asking rents in Metro Vancouver for July 2021. Don’t forget you can download the entire report as a one-page infographic PDF below.

Jump to the following Vancouver Rent Report sections:

Average rent across Metro Vancouver

Rent has been generally on an upward trend for the last six months, rising fairly steadily since February with just the tiniest of dips happening last month in June. The average rent for an unfurnished one-bedroom apartment in Vancouver is now hovering above $1,700 for the last three months.

Month-to-month rent change

Comparing June 2021 to July 2021, there isn’t a distinct trend or pattern that emerges.

Unfurnished rent went up almost 11% in Coquitlam while dropping just as much in New Westminster.

Furnished rent dropped by almost 6% in Downtown Vancouver, Burnaby, and Surrey. Meanwhile, it went up between 9% and 11% in Richmond, West Vancouver, and New Westminster.

Income-to-rent ratio

Our latest data on the income-to-rent ratio shows that renters in Vancouver are paying, on average, 36.6% of their income on rent.

The traditional advice is to spend no more than 30% of your income on rent. Certainly, landlords and property managers should look to see that a tenant can reasonably afford rent compared to how much money they make as part of their tenant screening process.

However, this 30% rule is often bent in high-cost of living cities such as Vancouver — so take this with a grain of salt.

Rent per square foot

Our rent per square foot metric shows you the cheapest place to rent in Metro Vancouver by space.

The cheapest rent per square foot is in Surrey, followed closely by Coquitlam. Not surprisingly, in Downtown Vancouver, your rent dollars get you the least space.

Overall, the average rent per square foot is $2.63 for July, down from $2.66 in June and $2.70 in May.

Renter demographics

The vast majority of renters using liv.rent are under the age of 34. We’ve been seeing a rising growth in our Under 25 renter group over the last few months.

Pet-friendly rentals

We’re always proud to share that liv.rent continues to be the rental platform that offers more pet-friendly rentals than you’ll find anywhere else.

On other platforms in July, 32% of rentals allowed pets while on liv.rent, 39% of units were pet-friendly.

Average unfurnished vs. furnished rates

The difference between average rent for furnished and unfurnished one-bedroom units in Vancouver is almost $200. The price difference is growing as furnished rental rates climb.

Neighbourhood breakdown 

The cost of rent across Metro Vancouver can vary greatly, so we’ve broken up our data by neighbourhood so you can compare the cost of one, two, and three-bedroom rates for both furnished and unfurnished units.

• After Downtown Vancouver, North Vancouver is the second most expensive place to rent unfurnished one-bedrooms.
• West Vancouver has the priciest unfurnished three-bedrooms and furnished one-bedrooms.
• Surrey is across the board the most affordable place to rent.

Most expensive cities in Canada

Vancouver continues to be the most expensive city in Canada for renters — and the gap of affordability is widening.

In June, the average cost for an unfurnished one-bedroom apartment in Toronto was $1,696 and $1,704 in Vancouver.

Downloadable resources

Make your next video conference fun and informative when you use the latest rental averages and trends as your virtual background. 

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

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:

June 2021 Vancouver Rent Report
June 2021 Toronto Rent Report
June 2021 Montreal Rent Report

BC rental resources

For more information on renting in B.C., read these comprehensive guides to help you on your rental journey:

• BC Residential Tenancy Agreement Explained
• Guide to BC Tenancy Forms

For information about COVID-19 for landlords and tenants, you can check 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.)

• BC Restart Plan: Guidelines for the Renting/Real Estate Industry
• Coronavirus (COVID-19) Canada – Support For Landlords