At a glance
- Rents are $25/month cheaper than this time last year
- Average rental prices for a one-bedroom unfurnished unit in Metro Vancouver are $2,381 this October – a $25 decrease in prices compared to October 2023 at $2,406 Lowering interest rates combined with measures from the Canadian government to increase housing affordability are possible contributing factors to this price decrease.
- There’s an $823/month gap between Vancouver’s most vs least expensive neighbourhoods
- West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,995/month on average. The same type of unit rents for an average of $2,172 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview, a difference of $823/month.
- There’s a $6/month price difference between furnished & unfurnished units in Metro Vancouver
- As of October 2024, an unfurnished one-bedroom unit rents for $2,375 which is $6/month on average more than a furnished one which currently rents for $2,381. This is vastly different from October 2023, where a furnished one-bedroom unit rented at $2,626 – $220/month is more expensive than an unfurnished one-bedroom priced at $2,406.
Download The Latest Vancouver Rent Report
For the complete Vancouver rent report including new neighbourhood breakdowns, download here.
Metro Vancouver’s average rent prices have increased this month and are still under year-over-year levels by $25. The Bank of Canada’s most recent announcement on September 4th indicated that it would lower the target overnight rate to 4.25%, which has led many to believe that rent and home prices may continue to fall through the remainder of 2024.
We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.
Let’s look now at the current rental costs and overarching trends in Vancouver for October 2024.
Average rent across Metro Vancouver
Metro Vancouver’s average rent prices have increased this October. This month, the average rent price for an unfurnished, one-bedroom unit rose by $11, to a new average of $2,381. Since October 2023, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has decreased by $25.
Planning on raising rent this year? B.C.’s new annual allowable rent increase limit for 2025 is 3%. Find out when and how to increase rent and ensure you comply with provincial guidelines by reading our updated Guide to B.C. Rent Increases.
>> Recommended Reading: [Updated for 2023] How Much Can Landlords Increase Rent in BC?
Month-to-month rent change
To better understand how rent prices changed in Metro Vancouver cities, let’s look at the most significant changes for both furnished and unfurnished one-bedroom units this month.
Several cities saw notable changes in average rent prices this month. Looking at one-bedroom furnished units, West Vancouver (-8.33%) and Coquitlam (-6.34%) saw the biggest month-to-month decreases, while Langley (+5.00%) had the most notable month-to-month increase.
Unfurnished one-bedroom units showed little change this month. West Vancouver experienced the largest month-to-month increase at (+5.13%), while Coquitlam saw the biggest decrease with a drop of (-4.54%) followed by Langley (-3.32%).
Rent per square foot
Where’s the cheapest place to rent in Metro Vancouver based on how much space you get? As of October 2024, the least expensive cities for square footage are Coquitlam ($2.06/sq. ft.), Surrey ($2.16/sq. ft.) and Richmond ($3.00/sq. ft.) while the most expensive cities for square footage are Vancouver ($4.11/sq. ft.) and Burnaby ($3.57/sq. ft.).
Is your rental priced competitively?
Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
Active listing data
We’ll also examine detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Metro Vancouver region, while for landlords, you can assess how much competition you’ll face based on the current supply.
Active listings by property type
As of October 2024, the most common rental property type by far was apartments, representing 72.57% of active listings on the market. Partial houses (e.g. basement suites) were the second-most rented unit type this month, at 16.35% of active listings currently available to rent.
Active listings by number of bedrooms
In terms of the number of bedrooms, we saw a more even spread across active listings on the market this October. Two-bedroom units were the most common type of listing this month at 46.07%, though one-bedroom units held a nearly equal share, representing 44.40% of all active listings on the market.
Average unfurnished vs. furnished rates
Average prices for furnished one-bedroom units in Metro Vancouver fell this month while prices for unfurnished units rose slightly. As of October 2024, an unfurnished one-bedroom unit rents for more than a furnished one-bedroom unit by $6/month on average. This is a notable change as typically furnished units rent for more than unfurnished units.
Is your rental priced competitively?
Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
Looking for our full October 2024 Metro Vancouver Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
City breakdown
Metro Vancouver’s rental averages vary greatly across the region, so we’ve broken up our data by municipality/city to compare the cost of one-, two-, and three-bedroom rates for furnished and unfurnished units in different areas. Here are some highlights from our most recent findings:
- Rent has increased across all types of unfurnished units in both Surrey and West Vancouver while New Westminster and Richmond saw rents decrease for all types of furnished units.
- Prices rose for all three-bedroom unfurnished units in all areas except Burnaby and Langley.
- Langley had the lowest average rent prices for all types of furnished units.
Gain comprehensive insights about your listings with the new liv.rent Landlord listing Dashboard. Sign in to unlock live insights – find out the average rent for a comparable property, number of views your listing received and more!
Neighbourhood breakdown
We’ve broken down Vancouver into its 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. West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,995/month on average. The same type of unit rents for an average of $2,172 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview, a difference of $823/month.
We’ve added more new neighbourhoods to our monthly reports that aren’t shown in the data below. To see data on these additional neighbourhoods, statistics for furnished rentals, as well as neighbourhood breakdowns for other cities in Metro Vancouver, be sure to download your copy of our full report here.
Most expensive cities in Canada
This October, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby and Richmond.
Other rental data
These insights are exclusive to our blog and are intended to give more context to each month’s rental data. Based on data sourced directly from liv.rent, these statistics provide a more comprehensive overview of the current rental situation in Canada.
Renter demographics
On liv.rent, our renter demographics are fairly balanced across all different age groups. While most of our users are aged 25-34, there’s a good representation of renters under 25 years old, as well as a notable amount of users between 35-44.
Pet-friendly rentals
We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. This October, other rental platforms had just 23.00% of units available that were pet-friendly while on liv.rent, 51.00% of all listed units were pet-friendly.
>> Recommended Reading: The Top 8 Pet Friendly Neighbourhoods in Metro Vancouver
Downloadable resources
Download The Latest Vancouver Rent Report
For the complete Vancouver rent report including new neighbourhood breakdowns, download here.
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
Data collection methodology
Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.
When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.
Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.
As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.
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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
June 2024 Metro Vancouver Rent Report
June 2024 Toronto Rent Report
June 2024 Calgary & Edmonton Rent Report
June 2024 Montreal Rent Report
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