August 2020 Vancouver Rent Report

Rental Trends in August 2020 

This month, we take a closer look at the reported average rent prices across the Greater Vancouver Area. Based on data gathered from numerous listing websites and our own liv.rent platform, 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 Rent Report sections:

Complete August 2020 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, March-August time frame. The average rent for unfurnished, 1 bedroom apartments amidst the COVID-19 pandemic continued to see a slight uptick which is an improvement on the pandemic-induced downward pressure experienced in June.

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>> RECOMMENDED: Average Rents near Transit in Great Vancouver

Month-to-Month Rent Change

Below we show the percentage change in average rent from July to August. The biggest decrease was in South Vancouver where unfurnished 1 bedroom rentals dropped by 4.36%, while West Vancouver saw an increase of 27.48% for furnished rentals.

In previous months during the pandemic, the largest decreases, predictably, were seen in the furnished rental market which is typically shorter-term rentals for business travelers, international students, or temporary visitors. This month we see a recovery. Other reasons for this jump could be because people are needing these rentals to quarantine, they are visiting the Greater Vancouver Area from other parts of Canada (the Canada/US border remains closed), or their immigration process has started up again after a pandemic-related pause.

Most Popular Listing Type

This month we provide a breakdown of most popular listing types searched for on liv.rent. As is typically the case, 1 bedroom units are most in demand with almost 37% of liv.rent users looking for this type of accommodation while close to 29% of users were looking for 2 bedroom units.

Renter Demographics

In August, the vast majority of rental seekers, 45%, fell into the 25-34 yr old category while 29% were in the under 25 categories.

Pet-Friendly Rentals

liv.rent continues to host more pet-friendly listings than any other platform with 25% of listings willing to house pets.

Average Unfurnished vs. Furnished Rates 

How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one-bedroom apartment in August was $1,660 up slightly from July’s $1,657. The average cost of a furnished apartment crept upward too, to $1,838 from July’s $1,806.

Neighbourhood Breakdown 

To assist you in 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 continues to have the lowest average rent in the Vancouver area for a 1 bedroom, unfurnished unit at $1,331 down from July’s average of $1,341. In comparison, Downtown Vancouver’s rent average of $1,987 is down from July’s $2,024.

Rent per Square Foot

Rent per Square Foot is another new dataset we are introducing to our monthly Rent Reports. It is a key indicator of value for money, however, it does not take into account variables like transit accessibility and rental amenities.

Most Expensive Cities in Canada

The cost of living in Vancouver remains high as compared to every other Canadian city, except Toronto.

Downloadable Resources

Save the complete August 2020 Rent Report package for easy sharing and reference.

Complete August 2020 Vancouver Rent Report: Download Here

Subscribe to receive these monthly updates on the Vancouver rental market

For more rental insights, discover our previous Rent Reports:

July 2020 Vancouver Rent Report
July 2020 Toronto Rent Report
July 2020 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):

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

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