February 2022 Vancouver Rent Report

Vancouver rental rates continue their gradual ascent this February, with average rent across Metro Vancouver up $13 since January to now sit at $1,840.

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 February 2022. 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

Rental prices in Vancouver seemingly can’t be slowed, gaining an average of $13 this February after months of steadily climbing. Metro Vancouver’s average rent is now at $1,840, up from their already high January levels. This increase was largely led by cities like Langley and New Westminster, which both saw significant upward trends this month.

Month-to-month rent change

As we’ve typically seen over the past few months, furnished rentals experienced the majority of Metro Vancouver’s rental price action in February 2022. Unfurnished units remained comparatively unchanged apart from a few key areas.

The average price of furnished units in Richmond has dipped by -10.00% this month after a massive +68.40% increase in January. West Vancouver has returned to its December levels, falling -31.00% month-to-month, while Coquitlam maintains its high rental prices this month with just a +1.00% increase for furnished units.

In terms of unfurnished units, Langley and New Westminster saw a notable increase of +10.10% and 10.00%, respectively, while prices in Burnaby have fallen an average of -15.80% since last month.

Prices of furnished units soared in Vancouver this February, up +20.40% since last month. Unfurnished units didn’t budge much, up just +0.60% this February.

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, 40.17% 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 February, the most affordable places for square footage are Surrey, Langley and West Vancouver while the most expensive is, unsurprisingly, Vancouver itself.

Overall, the average rent per square foot in Metro Vancouver is $2.59 while in Toronto it’s $2.11.

Renter demographics

Our liv.rent renter demographics have seen a significant shift in recent months, with more and more renters from different age groups now using the platform. We’re now seeing a much more even spread, particularly with the recent influx of renters aged 35+. With that being said, the majority of renters that make up our community are between the ages of 25-34.

Pet-friendly rentals

We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. In February, other rental platforms had 29% of units available that were pet-friendly while on liv.rent, 37% of units were pet-friendly.

Average unfurnished vs. furnished rates

The price difference between average rent for furnished and unfurnished units is now $259 this February. For a few months, renters could find furnished units for nearly the same price as unfurnished ones, but this trend looks to have reversed and returned to normal.

City breakdown 

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

• Furnished three-bedroom units in North Vancouver now go for an average of $4,093 per month in rent.
• Langley is now the most affordable city for unfurnished one-bedroom rentals, at an average of just $1,433 for February.
• West Vancouver continues to have the most expensive rent for unfurnished one-bedroom units, at $2,212 this month.

Neighbourhood breakdown

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 municipalities and cities outside of Vancouver, be sure to download our complete Rent Report.

Let’s take a look now at some of the latest averages from Vancouver’s many unique neighbourhoods. This month, Kitsilano is the most expensive place to rent a one-bedroom unit, at $2,230 compared to Downtown’s $2,217.

Take a look at our 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 Metro Vancouver, be sure to download your copy below.

Most expensive cities in Canada

Vancouver continues its tenure as the most expensive place to be a renter when it comes to unfurnished one-bedroom units, with a $1,840 average for the entirety of Metro Vancouver.

Average rent in Toronto has regained its footing after dipping to just $1,678 in January, though Victoria is just behind in third place with an average of $1,750 this month.

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:

January 2022 Vancouver Rent Report
January 2022 Toronto Rent Report
January 2022 Montreal Rent Report