Blog 5 Rent Reports 5 January 2022 Vancouver Rent Report

January 2022 Vancouver Rent Report

7 min read
Greg Park

Greg Park

Creative Content Writer at

Published on January 01, 2022

Last updated on October 27th, 2022

  • The average price of a furnished one-bedroom unit in Richmond has increased by +68.40% this month, for an average price of $2,440 this January.
  • Rent in Downtown Vancouver now costs an average of $3.87 per square foot.
  • Across Metro Vancouver, furnished one-bedroom units now go for an average of $2,096 – a $228 increase from December.

Following last month’s dramatic price action, rental prices in Vancouver have held their lofty highs into the new year, with average rent just $4 below its December levels.

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 January 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:

Download The Latest Vancouver Rent Report

For the complete Vancouver rent report including new neighbourhood breakdowns, download here.

Average rent across Metro Vancouver

After a year of pronounced increases in rental prices across Metro Vancouver, January looks to see a continuation of these new high levels. Despite a sudden jump from $1,791 in November to $1,831 in December, rental averages have held their ground in many Metro Vancouver cities and now sit at $1,827 overall heading into the new year.

rental trends in vancouver for the january 2022 liv rent report

Month-to-month rent change

Rental prices across Metro Vancouver from December 2021 to January 2022 saw some huge increases in terms of average prices of furnished units. Aside from a few exceptions, rent for unfurnished units remains relatively unchanged in most communities after last month’s price action.

The average price of furnished units in Richmond have rebounded after steadily declining for a couple of months now, rising a whopping +68.40% since last month. West Vancouver and Coquitlam also saw huge increases for furnished units, gaining +33.26% and +20.00%, respectively.

In terms of unfurnished units, Surrey saw the most significant increases this month (+9.68%) while New Westminster fell -7.16%.

Prices mostly held steady in Downtown Vancouver heading into the new year, with rent for furnished units falling a minuscule -0.41%, and unfurnished units decreasing -6.11%.

percentage change in rental prices across metro vancouver via the january 2022 liv rent report

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 are paying, on average, 36.38% 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.

income to rent ratio for the vancouver january 2022 liv rent report

Rent per square foot

Where’s the cheapest place to rent in Metro Vancouver by how much space you get? In December, the most affordable places for square footage are Surrey and West Vancouver while the most expensive is Downtown Vancouver.

Overall, the average rent per square foot in Metro Vancouver is $2.83 while in Toronto it’s $2.05.

average rent per square foot in vancouver bc via the january 2022 liv rent report

Renter demographics

Our 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 vast majority of renters that make up our community are between the ages of 25-34.

renter demographics on the liv rent platform part of the january 2022 vancouver rent report – Canada’s trusted house & apartment rental website

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  • Pet-friendly rentals

    We’re proud to say that continues to be the rental platform with the most pet-friendly rentals. In January, other rental platforms had 31% of units available that were pet-friendly while on, 39% of units were pet-friendly.

    pet friendly rentals vs other platforms via the liv rent report for january 2022

    Average unfurnished vs. furnished rates

    The price difference between average rent for furnished and unfurnished one-bedroom units has grown to $269 to start off the new year. With furnished rental prices soaring once again, the gap looks to grow a bit after being neck-in-neck for months (for December, the difference was just $37).

    average rent for furnished vs unfurnished units via the january 2022 liv rent report

    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 one-bedroom units in Richmond have increased in price to an average of $2,425, up from just $1,440 in December – for a total $985 increase.
    • In New Westminster, furnished one-bedroom units are slightly cheaper than furnished ones, at $1,433 and $1,546, respectively.
    • West Vancouver now has the most expensive rent for unfurnished one-bedroom units, at $2,116 this month.
    average rent by listing type for unfurnished listings in vancouver via the january 2022 liv rent report
    average rent by listing type for furnished listings in vancouver via the january 2022 liv rent report

    Gain comprehensive insights about your listings with the new 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 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, Shaughnessy is the most expensive place to rent a one-bedroom unit, at $2,423 compared to Downtown’s $2,047.

    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 Greater Vancouver, be sure to download your copy below.

    average rent by vancouver neighbourhood via the january 2022 liv rent report

    Download The Latest Vancouver Rent Report

    For the complete Vancouver rent report including new neighbourhood breakdowns, download here.

    Most expensive cities in Canada

    B.C. is the most expensive place to be a renter when it comes to unfurnished one-bedroom units. Vancouver is the most expensive at $1,827 this January, but Victoria has surpassed Toronto for this month by climbing all the way to an average of $1,811.

    Average rent in Toronto has declined significantly this month, all the way to $1,678 putting it solidly in third for the most expensive city in Canada for renters this new year.

    most expensive cities to rent in canada via the january 2022 liv rent report

    Downloadable resources

    Make Zoom calls fun and informative when you use the latest rental averages and trends as your virtual background.

    Free Virtual Backgrounds: Download Here

    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 to streamline your rental process.

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    Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

    December 2021 Vancouver Rent Report
    December 2021 Toronto Rent Report
    December 2021 Montreal Rent Report


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