November 2021 Vancouver Rent Report

Rental prices in Metro Vancouver have largely held steady this month, with a few key outliers.

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.

Let’s take a look now at the current rental costs and overarching trends in Vancouver for November 2021. Plus, 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

Following the significant jump in price between August and September, prices have been climbing gradually over the last few months. Renters can likely expect a continued rise at this new level through the remainder of 2021.

Month-to-month rent change

Rental prices across Metro Vancouver from October 2021 to November 2021 saw some significant fluctuations — particularly in areas outside of Downtown Vancouver. Furnished rentals saw the majority of price action this month, while unfurnished units were comparatively stable.

The average price of furnished units in Coquitlam saw a steep -21.56% drop, while unfurnished units in the same city hardly budged (-0.40%). South Vancouver (+12.87%) and Richmond (+14.69) both saw significant gains.

Downtown Vancouver rent has largely held at its current levels, with furnished units adding 5.09% while furnished units fell -5.80%.

Income-to-rent ratio

We gather data on renters’ income-to-rent ratio quarterly and our most recent data shows that renters in Vancouver who use liv.rent are paying, on average, 35.25% of their income towards rent.

While traditional financial advice would be to spend no more than 30% of your income on rent, this advice is perhaps not well suited to the realities of renting in cities like Vancouver.

Still, 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.

Rent per square foot

Where’s the cheapest place to rent in Metro Vancouver by how much space you get? In November, the most affordable places for square footage are Surrey and Coquitlam while the most expensive is Downtown Vancouver.

Overall, the average rent per square foot in Metro Vancouver is $2.58 while in Toronto it’s $2.20.

Renter demographics

We’ve been growing in the “Under 25” renter group recently. Now, it has surged to constitute 40% of liv.rent users making them the largest contingent followed by people who are aged 25 to 34, at 38%.

Pet-friendly rentals

We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. In November, other rental platforms had 33% of units available that were pet-friendly while on liv.rent, 38% of units were pet-friendly.

Average unfurnished vs. furnished rates

The price difference between average rent for furnished and unfurnished one-bedroom units has increased to $209 this month. For the past few months, we’ve seen an ongoing trend of furnished and unfurnished units growing increasingly close in price, but November seemingly signals a reversal with furnished units consistently higher in price across the board.

City breakdown 

Since rent in Metro Vancouver varies, we’ve broken up our data by city/municipality so you can compare the cost of one, two, and three-bedroom rates for both furnished and unfurnished units.

• Coquitlam is now the only city where furnished one-bedroom and two-bedroom units are cheaper than unfurnished ones.
• Furnished two-bedroom units in North Vancouver have risen in price to $3,859 all the way from $3,171 in October.
• After a dip in price last month, furnished one-bedroom and two-bedroom units in Burnaby have returned to being more expensive than unfurnished units.

Neighbourhood breakdown

Brand new for November, we’ve broken down Vancouver into its individual neighbourhoods for a more complete look at the city’s rental markets. For a further breakdown of neighbourhoods in cities and municipalities outside of Vancouver, be sure to download our complete Rent Report.

With that aside, let’s take a look at some of the latest averages from Vancouver’s many unique neighbourhoods. South Main is the cheapest neighbourhood for our inaugural breakdown, at $1,587 for an unfurnished one-bedroom unit. Unsurprisingly, Downtown is the most expensive at $2,126. Many traditionally student-friendly neighbourhoods were close behind, with Point Grey/UBC sitting at $1,874, and Kitsilano at $1,834.

Take a look at the complete breakdown by neighbourhood for unfurnished units in Vancouver here. For the complete report, including furnished rentals for Vancouver neighbourhoods as well as full information for other cities in Greater Vancouver, be sure to download the full report below.

Most expensive cities in Canada

B.C. is the most expensive place to be a renter when it comes to unfurnished one-bedroom units. Vancouver is the most expensive at $1,791, but close behind in the number three spot is Victoria at $1,650.

Rent in Toronto is holding pace though, at a similarly high $1,735 average for the month of November.

Downloadable resources

Make Zoom calls fun and informative when you use the latest rental averages and trends as your virtual background.

Rental resources for B.C. renters

You can read these comprehensive guides for more information on renting in B.C. and using liv.rent to streamline your rental process.

• BC Residential Tenancy Agreement Explained
• Guide to BC Tenancy Forms
  
• The Complete User Guide To liv.rent For Landlords & Property Managers
• The Ultimate Renter’s Guide To Using liv.rent

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

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

October 2021 Vancouver Rent Report
October 2021 Toronto Rent Report
October 2021 Montreal Rent Report