June 2024 Metro Vancouver Rent Report

At a glance

• Average rent for a one-bedroom unit in Langley is $401 higher than in January 2024
  • Compared to the beginning of the year, an unfurnished one-bedroom unit in Langley costs an average of $401/month more to rent – a +22.99% price increase in just five months. Langley was also the only Metro Vancouver city that saw a double-digit increase over this period, with Abbotsford (+3.32%) seeing the second highest.
• It now costs $732 more to rent in Vancouver’s most expensive neighbourhood than its cheapest neighbourhood
  • At an average monthly rent price of $2,901 for an unfurnished one-bedroom unit, West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, while the same type of unit costs an average of $2,169/month in the city’s cheapest neighbourhood, Sunset-Victoria Fraserview.
• All five of Canada’s most expensive cities to rent in are in Metro Vancouver
  • After Markham dropped off the list this month, Metro Vancouver now contains all five of Canada’s most expensive cities to rent in. West Vancouver tops the list at an average of $2,694/month for a one-bedroom unfurnished unit, with North Vancouver, Vancouver, Burnaby, and Richmond filling out the remaining spots.

Metro Vancouver’s average rent prices have risen slightly this month, though rates have been more or less consistent since the beginning of the year. The Bank of Canada’s most recent announcement on June 5th indicated that it would lower the target overnight rate, which is cause for cautious optimism in terms of home and rent prices through the remainder of 2024.

We’ve published our 2024 Canada Rental Market Trend Report with in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.

Let’s take a look now at the current rental costs and overarching trends in Vancouver for June 2024.

Average rent across Metro Vancouver

Metro Vancouver’s average rent prices have increased slightly this June, bouncing back to just above April price levels. This month, the average rent price for an unfurnished, one-bedroom unit rose by $10, to a new average of $2,377. Since June 2023, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has increased by $47.

Planning on raising rent this year? B.C.’s annual allowable rent increase limit for 2024 is 3.5%. Find out when and how you can increase rent and ensure you’re complying with provincial guidelines by reading our updated Guide to B.C. Rent Increases.

Month-to-month rent change

To gain a deeper understanding of how rent prices changed in Metro Vancouver cities, let’s break down the most significant changes for both furnished and unfurnished one-bedroom units this month.

A number of cities saw notable changes in average rent prices this month. Looking at one-bedroom unfurnished units, Langley (+8.18%) and Richmond (+5.24%) saw the largest month-to-month increases, while Coquitlam (-4.27%) and West Vancouver (-2.74%) had the most notable month-to-month decreases.

Looking just at furnished one-bedroom units, the largest month-to-month increases were seen in Richmond (+8.99%) and New Westminster (+3.90%), while the most significant drops in price took place in North Vancouver (-10.78%), Vancouver (-5.93%), and Burnaby (-5.41%).

Rent per square foot

Where’s the cheapest place to rent in Metro Vancouver based on how much space you get? As of June 2024, the least expensive cities for square footage are North Vancouver, Coquitlam, and West Vancouver, while the most expensive cities for square footage are Vancouver and Burnaby.

Active listing data

We’ll also examine detailed statistics for currently active listings available on the market to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Metro Vancouver region, while for landlords, you can assess how much competition you’ll face based on the current supply.

Active listings by property type

For June 2024, the most common rental property type by far was apartments, representing 70.81% of active listings on the market. Partial houses (e.g. basement suites) were the second-most rented unit type this month, at 17.80% of active listings currently available to rent.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a more even spread across active listings on the market this June. Two-bedroom units were the most common type of listing this month at 45.74%, though one-bedroom units still represented 43.26% of all active listings on the market.

Average unfurnished vs. furnished rates

Average prices for furnished one-bedroom units in Metro Vancouver fell slightly this month, while rates for unfurnished one-bedroom units rose slightly. As of June 2024, an unfurnished one-bedroom unit costs, on average, $123 less than a furnished one-bedroom unit. This indicates that landlords who choose to rent their units furnished will typically be able to charge more for rent.

Looking for our full June 2024 Metro Vancouver Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

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 furnished and unfurnished units in different areas. Here are some highlights from our most recent findings:

• Vancouver was the third most expensive city in Metro Vancouver to rent an unfurnished one-bedroom unit in this month, with West Vancouver and North Vancouver taking the top two spots.
• Prices increased for all types of units in Richmond, both furnished and unfurnished.
• Surrey had the lowest average rates for unfurnished one-, two-, and three-bedroom units.

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. West Point Grey/UBC is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,901/month on average. The same type of unit rents for an average of $2,169 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview.

We’ve added more new neighbourhoods to our monthly reports that aren’t shown in the data below. To see data on these additional neighbourhoods, statistics for furnished rentals, as well as neighbourhood breakdowns for other cities in Metro Vancouver, be sure to download your copy of our full report here.

Most expensive cities in Canada

This June, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby, and Richmond.

Other rental data

These insights are exclusive to our blog and are intended to give more context to each month’s rental data. Based on data sourced directly from liv.rent, these statistics provide a more comprehensive overview of the current rental situation in Canada.

Income-to-rent ratio

Each month, we gather data on renters’ income-to-rent ratio and our most recent data shows that renters in Vancouver who use liv.rent are paying, on average, 46.91% of their income towards rent. This is well above the recommended budget and signals that many Metro Vancouver renters are spending far more than they should on 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 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.

Renter demographics

On liv.rent, our renter demographics are fairly balanced across all different age groups. While many of our users are aged 25-34, there’s a good representation of renters under 25, as well as a notable amount of users over 35 years of age.

Pet-friendly rentals

We’re proud to say that liv.rent continues to be the rental platform with the most pet-friendly rentals. This June, other rental platforms have just 22.00% of units available that were pet-friendly while on liv.rent, 51.00% of all listed units were pet-friendly.

Downloadable resources

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

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

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report