- Average rent across Metro Vancouver is up a further $40 from May, at a new average of $2,056 per month for an unfurnished, one-bedroom unit in Metro Vancouver.
- The average price of unfurnished, one-bedroom units in Vancouver itself has risen +4.90%, to $2,367 per month.
- Victoria, B.C. is now the third-most expensive city in Canada to rent in.
Average rent across Metro Vancouver has risen once again this June, with a $40 increase since last month. Although changes weren’t as massive as May’s large moves, there have still been some notable figures emerging from around the Metro Vancouver region that have resulted in this new all-time high average rent of $2,056 per month for an unfurnished, one-bedroom unit.
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Let’s take a look now at the current rental costs and overarching trends in Vancouver for June 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
June once again sees a significant increase in Metro Vancouver’s average rent prices heading into the summer months. This month, average rent for an unfurnished, one-bedroom unit across the region has climbed a further $40 to reach another new all-time high of $2,056. Vancouver itself experienced larger than usual changes this month, although prices were comparatively stable with smaller increases than we’ve seen in months past. 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
Compared to May’s volatility, June is looking relatively stable in comparison – particularly for unfurnished units. Furnished units were a bit more of a mixed bag this month, with some significant increases and decreases in key areas.
Looking more closely at unfurnished units, New Westminster (+8.42%), Richmond (+3.27%), North Vancouver (+2.94%), and Langley (+2.44%) saw the most notable price increases this month. Significant decreases were scant this month, with Coquitlam (-7.68%) the only Metro Vancouver city to see a decline in price.
Furnished units were much more volatile, as we’re used to seeing. Richmond had the largest average increase at +16.62%, but Langley (+10.94%) wasn’t far behind. Decreases in prices for furnished units were much more pronounced this month. West Vancouver (-30.07%) is the standout figure here, but New Westminster (-18.83%) and Burnaby (-14.57%) also experienced significant drops.
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, 38.09% 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 June, the least expensive cities for square footage are North Vancouver, Surrey, and Langley while the most expensive remains Vancouver itself, with 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 April, other rental platforms had just 29.00% of units available that were pet-friendly while on liv.rent, a whopping 56.00% of units were pet-friendly.
>> Recommended Reading: The Top 8 Pet Friendly Neighbourhoods in Metro Vancouver
Average unfurnished vs. furnished rates
The difference in average rent for furnished and unfurnished units has pulled much closer this June. As of right now, furnished units cost just $26 more on average than their unfurnished counterparts. There has been a wider gap in price between the two over the past months, so it will be interesting to see if this is a trend that continues as we head into the busy renting season.
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.
- Both West Vancouver and North Vancouver have overtaken Vancouver itself for the most expensive one-bedroom, unfurnished units
- The cheapest unit type on average this June is furnished, one-bedroom units in New Westminster, which currently go for $1,527.
- Unfurnished, one-bedroom units in Vancouver are up $110 since May.
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 June, Downtown reclaims the top spot as the city’s most costly neighbourhood at an average of $2,554 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
Vancouver remains the most expensive city in Canada to rent in terms of unfurnished one-bedroom units, with the average one-bedroom, unfurnished unit in the city going for $2,367. Rent in Victoria has increased to $1,930 this month, but so has average rent in Toronto – all the way to $1,945 this month to make it Canada’s second-most expensive city once again.
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:
May 2022 Vancouver Rent Report
May 2022 Toronto Rent Report
May 2022 Montreal Rent Report
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