Vancouver Rental Trends
Let’s dive into this month’s rental stats for Vancouver by taking a closer look into average rents in Vancouver, renter demographics, and rent changes in Greater Vancouver based on November 2019’s figures. The numbers this month point to an upward trend in rental rates across the Lower Mainland and a forecast for further upward pressure into November.
Vancouver Renter Demographics
In November 2019, there were more men actively seeking a rental than women – 54% and 46% respectively, and the large majority of rental seekers, 51% fell into the 20-29 yr old category, followed by 28% in the 30-39 yr old category.
Pet Friendly Vancouver Rentals
For all of you out there with furry friends, liv.rent continues to feature the largest percentage (23%) of pet friendly listings compared to 17% on other platforms.
Vancouver Unfurnished vs. Furnished Rent Averages
The average rent in Vancouver for an unfurnished one bedroom apartment in November rose slightly to $1,700 from October’s $1,685 as did the average cost of a furnished apartment – $1,962 from October’s $1,959.
Highest vs. Cheapest Rent in Greater Vancouver
Surrey continues to have the lowest average rent in the Vancouver area for a 1 bedroom, unfurnished unit at $1,352 compared to Downtown Vancouver’s average of $1,975 – the highest rent in Vancouver (up slightly from October’s $1,958).
Neighbourhood Breakdown
To assist you in your rental decision, here is a breakdown of rental averages across other Greater Vancouver neighbourhoods. Comparing 1, 2, and 3 bedroom rates for both unfurnished and furnished listings across each neighbourhood.
Here is the full report, available for download and easy sharing:
Despite paying premium rates to live in Vancouver, tenants are saving in other ways, primarily on car-related expenses (vehicle, insurance, fuel and repairs). In addition, time is money, and living near where you work pays mental health dividends in terms of reduced commuting times and associated stress.
If, however, prices and space requirements push you further away from the downtown core, consider buying an electric vehicle this year. Thousands of dollars in rebates could be yours in 2019 if you make the switch, considerably reducing the cost of commuting. Check out our post outlining all of the benefits and incentives of a 2019 e-vehicle purchase.
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For more rental stats, read our previous post, Vancouver Rental Stats – October 2019 Snapshot or compare rents with Toronto: November Toronto Rent Report 2019
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