May 2024 Metro Vancouver Rent Report

At a glance

• Average rent for a one-bedroom unfurnished unit is only up +2.11% year-over-year
  • Comparing May 2024 to May 2023, average rates for an unfurnished one-bedroom unit in Metro Vancouver have only risen by $49, or +2.11% year-over-year. Rental prices have similarly slowed in Toronto (2.24% YoY increase) and Montreal (-2.73%).
• Since January, average rates for furnished one-bedroom units have risen more than unfurnished units
  • Since January 2024, the average monthly rent price for a one-bedroom unfurnished unit remains unchanged while rates for furnished one-bedroom units are up +1.41%. With short-term rental regulations recently coming into effect on May 1st, this trend could reverse as an increased supply of furnished units in particular hits the market.
• One-bedroom and ‘Partial house’ units represent an increasing share of Vancouver’s rental market
  • Compared to May 2023, Metro Vancouver has recently seen a much more even spread of property types and sizes on the rental market. Last year, one- and two-bedroom units represented 36.00% and 51.02% of all active listings, respectively, while in May 2024, they made up 43.86% and 44.96%. Similarly, apartments now represent 73.70% of active listings – down from 85.12% last year. Partial houses (e.g. basement suites) have seen the most substantial increase, now representing 16.11% of all active listings compared to 7.15% last year.

Metro Vancouver’s average rent prices continue to show signs of slowing heading into the busy summer renting season. This May, prices have dipped slightly and have now returned to January levels. The Bank of Canada’s most recent announcement on April 10th indicated that it would once again maintain the target overnight rate, which is cause for cautious optimism for 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 May 2024.

Average rent across Metro Vancouver

Metro Vancouver’s average rent prices have fallen slightly this May after an increase in April. This month, the average rent price for an unfurnished, one-bedroom unit dropped by $9, to a new average of $2,367. Since May 2023, Metro Vancouver’s average rate for a one-bedroom, unfurnished unit has increased by $49.

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, New Westminster (+2.11%) and Langley (+1.46%) saw the largest month-to-month increases, while Richmond (-3.79%), Coquitlam (-1.63%) and Burnaby (-1.59%) each had month-to-month decreases.

Rates for furnished one-bedroom units fluctuated significantly this month. The only month-to-month increase took place in North Vancouver (+3.33%), while the largest price declines occurred in New Westminster (-11.93%), Surrey (-10.28%), and Richmond (-8.36%).

Rent per square foot

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

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 May 2024, the most common rental property type by far was apartments, representing 73.70% of active listings on the market. Partial houses (e.g. basement suites) were the second-most rented unit type this month, at 16.11% 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 May. Two-bedroom units were the most common type of listing this month at 44.96%, though one-bedroom units still represented 43.86% of all active listings on the market.

Average unfurnished vs. furnished rates

Average prices for furnished and unfurnished one-bedroom units both fell across Metro Vancouver this month, with rates for furnished units falling by a sizeable amount. As of May 2024, unfurnished one-bedroom units are, on average, $156 less expensive than furnished one-bedroom units. This indicates that landlords who choose to rent their units furnished will typically be able to charge more for rent.

Looking for our full May 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:

• West Vancouver had the highest average rent prices for one- and two-bedroom unfurnished units this May.
• Average rent prices for unfurnished three-bedroom units rose in all municipalities this month.
• With the exception of one-bedroom furnished units, prices rose for all types of units in Vancouver this month.

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. Downtown Vancouver is the city’s most expensive neighbourhood to rent in this month, with an unfurnished one-bedroom unit renting for $2,886/month on average. The same type of unit rents for an average of $1,952 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 May, four out of 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, while North Vancouver, Vancouver, and Burnaby also make the list. Markham is the lone GTA city in the top five, with an average monthly rent price of $2,370 for an unfurnished one-bedroom unit.

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, 52.75% 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 May, other rental platforms have just 25.00% of units available that were pet-friendly while on liv.rent, 52.00% 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

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

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

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