- Average rent prices across Metro Vancouver have dropped slightly from June, down $27 to a new average of $2,029 per month for an unfurnished, one-bedroom unit.
- North Vancouver has become Metro Vancouver’s, and Canada’s, most expensive city to rent unfurnished, one-bedroom units.
- Despite slight drop across Metro Vancouver, average monthly rent for unfurnished, one-bedroom units in the city of Vancouver did see a continual increase of $63 this July.
Average rent prices across Metro Vancouver have fallen slightly this July, with a $27 drop since last month. Despite many significant price increases in individual communities, prices have cooled off slightly on the aggregate as we head deeper into the busy summer renting months.
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Let’s take a look now at the current rental costs and overarching trends in Vancouver for July 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
July brings a welcome cool-off period for Metro Vancouver’s rent prices, with a slight drop from $2,056 in June to a new average of $2029. This $27 decrease comes after months of steady increases, signalling that the region’s rental prices may have peaked — or at least temporarily settled in at these new highs. Vancouver itself saw moderate increases in rental prices, with more significant shifts in a variety of Metro Vancouver cities. We’ll cover these changes and potential catalysts as we dive deeper into this month’s data, statistics and trends.
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Month-to-month rent change
July saw some large changes in rent prices in many Metro Vancouver communities, with both furnished and unfurnished units experiencing more pronounced changes than in previous months.
Looking more closely at unfurnished units, New Westminster (+11.68%), North Vancouver (+8.29%), and Vancouver itself (+7.70%) saw the most notable price increases this month. The most notable decreases this month were in Coquitlam (-7.85%), Langley (-6.49%), and Burnaby (-4.90%).
Furnished units were much more volatile this July, as we’ve become accustomed to seeing. North Vancouver saw a massive +40.87% increase month-to-month, with similarly large increases in Surrey (+26.19%). The only major decrease this month occurred in Burnaby (-14.52%), with primarily smaller changes in the remaining Metro Vancouver communities.
Income-to-rent ratio
We gather data on renters’ income-to-rent ratio every month, and our most recent data shows that renters in Vancouver who use liv.rent are paying, on average, 37.44% 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 – especially as prices continue their rapid ascent.
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.
Rent per square foot
Where’s the cheapest place to rent in Metro Vancouver by how much space you get? This July, the least expensive cities for square footage are Surrey, Langley, and Coquitlam while the most expensive this month is Vancouver itself, with New Westminster, North Vancouver, and Richmond not far behind.
Renter demographics
Our liv.rent 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 majority of renters that make up our community are between the ages of 25-34.
Pet-friendly rentals
We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. This July, other rental platforms had just 25.00% of units available that were pet-friendly while on liv.rent, as much as 48.00% of units were pet-friendly.
>> Recommended Reading: The Top 8 Pet Friendly Neighbourhoods in Metro Vancouver
Average unfurnished vs. furnished rates
The gap in price between furnished and unfurnished rentals has widened this July, with furnished units now $320 more expensive than unfurnished ones this month. This is a much more typical price difference than we’ve seen in previous months, so landlords who are able to rent their units furnished will be able to charge significantly more for rent — especially during the busy summer months and as students return to school.
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.
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 both furnished and unfurnished units in different areas.
- North Vancouver has taken the title of Metro Vancouver’s most expensive municipality for both furnished and unfurnished one-bedroom units.
- Langley has replaced Surrey as the cheapest place to rent unfurnished, one-bedroom units at an average of $1,622 per month.
- Three-bedroom, unfurnished units in Vancouver have soared to an average of $4,705 per month
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 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 July, Fairview has taken the title of Vancouver’s most costly neighbourhood at an average of $2,618 per month for an unfurnished, one-bedroom unit.
You can take a look at our neighbourhood breakdown 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 Metro Vancouver, be sure to download your copy below.
Most expensive cities in Canada
North Vancouver has become Canada’s most expensive city to rent in terms of unfurnished one-bedroom units, with the average one-bedroom, unfurnished unit in the municipality going for $2,509. Burnaby has also made it onto the list this month with a monthly average rent of $1,997, and average rent in Toronto has risen slightly to $1,959 this month to make it Canada’s fourth-most expensive city this July.
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 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 2022 Vancouver Rent Report
June 2022 Toronto Rent Report
June 2022 Montreal Rent Report
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