Average Rent In Vancouver 2020 – Rent Trends in January
Happy New Year readers! Let’s kick off 2020 by exploring January’s rental stats by taking a closer look into Vancouver rental prices, renter demographics, and rent changes in Greater Vancouver based on January 2020’s figures. The Vancouver rental price numbers for January point to a downward trend in rental rates across the Lower Mainland and a forecast for further downward pressure through the first quarter of 2020.
Vancouver Renter Demographics
In January, the vast majority of rental seekers, 42%, fell into the 25-34 yr old category while 33% were in the under 25 category.
Pet Friendly Vancouver Rentals
For all of you out there with furry friends, liv.rent continues to feature the largest percentage (28%) of pet friendly listings compared to 20% on other platforms. In general, there seems to be perceptible growth in the number of rentals that accept pets.
Vancouver Unfurnished vs. Furnished Rent Averages
How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one bedroom apartment in January dropped slightly to $1,701 from December’s $1,784. The average cost of a furnished apartment decreased too, to $1,842 from December’s $1,957.
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 $1,358 down slightly from December’s average of $1,390 compared to Downtown Vancouver’s average of $1,981- also down from December’s $2,187.
Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city, second only to Toronto.
Here is the full report, available for download and easy sharing:
Despite paying premium rates to live in Vancouver, tenants are saving in other ways, primarily on car-related expenses (vehicle, insurance, fuel and repairs). In addition, time is money, and living near where you work pays mental health dividends in terms of reduced commuting times and associated stress.
If, however, prices and space requirements push you further away from the downtown core, consider buying an electric vehicle this year. Thousands of dollars in rebates could be yours in 2019 if you make the switch, considerably reducing the cost of commuting. Check out our post outlining all of the benefits and incentives of a 2019 e-vehicle purchase.
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For more rental stats, read our previous post December 2019 Vancouver Rental Report or compare rents with Toronto: January 2020 Toronto Rent Report or Montreal: January 2020 Montreal Rent Report.
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