August 2021 Vancouver Rent Report

It’s already August and here at liv.rent we’ve noticed rental prices in the city have been simmering all summer. 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.

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 real, on-the-ground costs of asking rents in Metro Vancouver for August 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

The last six months haven’t seen much of a change from rent. Previously, back in March, it was hovering just below $1,700 per month for an unfurnished one-bedroom suite. Now, it seems to be stuck above that mark, but rental rates have been simmering since May.

Month-to-month rent change

Comparing prices in July 2021 to August 2021 there have been relatively few big changes. Two changes worth noting: prices in West Vancouver for unfurnished units went up an unusual 9.65%. Also, in Coquitlam, furnished rates jumped 14.19%.

Across the board, there was a slight dip in overall unfurnished rental prices except in Downtown Vancouver (+1.85%,) Burnaby (+0.38%,) and New Westminster (+0.27%) where it’s just simmering.

Income-to-rent ratio

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

Where do your rent dollars go the furthest and where’s the cheapest place to rent in Metro Vancouver by how much space you get?

While Downtown Vancouver is where you’ll get the least space, Coquitlam is where you’ll get the most. Richmond and Surrey are also a good bet if you love lots of space

Renter demographics

The vast majority of renters using liv.rent are under the age of 34. We’ve been seeing 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.

In August, other rental platforms had 33% of units available that were pet-friendly while on liv.rent, 39% of units were pet-friendly.

Average unfurnished vs. furnished rates

The price difference between average rent for furnished and unfurnished one-bedroom units in Vancouver is growing each month as furnished rental rates climb. In August, the price difference was $223.

Neighbourhood breakdown 

Rent in Metro Vancouver varies depending on which city or neighbourhood you’re in. 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.

• Outside of Downtown Vancouver, North and West Vancouver have the overall highest rent for unfurnished units
• In West Vancouver, the gap between furnished and unfurnished rentals is very small
• In South Vancouver, rent for an unfurnished one-bedroom is below average for Metro Vancouver overall

Most expensive cities in Canada

Vancouver continues to be the most expensive city in Canada for renters with the gap widening slightly each month.

Victoria and Oshawa are also on the list ranked third and fourth most expensive in Canada for an unfurnished one-bedroom.

Downloadable resources

Make Zoom calls 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.

BC rental resources

You can read these comprehensive guides for more information on renting in B.C.

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

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:

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