Rental Trends in April 2021
Spring is here and with it comes new rental market realities. We’re taking a look at the true cost of rent in Metro Vancouver with a fresh bouquet of new data for you.
You can get the latest updates on the Vancouver rental market straight to your inbox when you subscribe to keep on top of the trends while we continue to see the effects of COVID-19 on the rental industry.
Our monthly rent reports always identify and share key market data and trends. Our goal? To support our community of tenants and landlords by helping them to stay informed.
Being on top of the trends and knowing the latest average rent helps tenants navigate the rental landscape while helping landlords price their units according to the market.
Let’s dive into our rent report for Metro Vancouver in April 2021. We gathered this data manually both from our own liv.rent platform and other listings websites to put this report together for you, you can download a one-pager PDF to review it at a glance and sign up to receive rental market updates in your inbox.
Jump to the following April Vancouver Rent Report sections:
Unfurnished vs. furnished averages
Complete April 2021 Vancouver Rent Report: Download Here
Average rent across Metro Vancouver
Taking a look at the average rent of an unfurnished one-bedroom apartment over a six-month span between November 2020 and April 2021— you can see a trend of recovery as April rent prices continue March’s trend of slowly rising.
Month-to-month rent change
The furnished market, favoured by short-term tenants, is making a comeback in Downtown Vancouver (+8.7%) perhaps in preparation for travellers or students who may be coming into the city soon. Conversely, unfurnished rent prices dipped off just a tiny bit (-0.65%) in the same neighbourhood.
In South Vancouver (+3.81%) and in Surrey (+3.51%,) unfurnished rent climbed. Meanwhile, on the North Shore, North Vancouver unfurnished rental increased (+1.36%) while furnished rentals decreased (-7.57%.)
Both West Vancouver (-3.64%) and New Westminster (-3.61%) saw unfurnished rental prices dip modestly since last month.
>> Recommended Reading: 2021 Top Real Estate Investment Trends
Looking at Q1, the income-to-rent ratio remains unchanged for renters in Vancouver from Q4 2020.
For all contracts with start dates from January to March in 2021, the ratio was 40%. So, on average, renters are spending 40% of their income on rent. That figure is slightly over what’s considered a viable amount of rent to pay according to most economic standards around the world, but it’s true that in highly desirable cities this ratio can be pretty high.
Rent per square foot
Let’s take a look now at rent per square foot, which can help show you how much bang you can get for your buck in Metro Vancouver.
Of course, this measurement doesn’t take into consideration all the other variables that go into the overall cost of living like amenities and transit accessibility. Still, it’s a good look at how far a dollar goes if room to roam is a priority for you.
Overall, the average rent per square foot across Metro Vancouver was $2.54 per square foot. Surrey and West Van are still the best bets for getting more space while you’ll feel the pinch the most in Downtown and South Vancouver.
>> Recommended Reading: Vancouver vs. Surrey: Cost of Living Comparison
Almost half (48%) of renters using liv.rent are between the ages of 25 and 34. We still see almost a quarter of renters under the age of 25 using the platform, making up the second-largest age group.
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liv.rent proudly showcases more pet-friendly listings than any other rental platform. More than a third (36%) of our listings for April are open to welcoming renters and their household pets.
On other platforms, you’ll find fewer pet-friendly options with 29% of them saying that they would allow pets.
Average unfurnished vs. furnished rates
As is often the case, rent is cheaper when you bring your own furniture. The average rent in Metro Vancouver for an unfurnished one-bedroom apartment in April was approaching $1,700. Meanwhile, for a furnished unit, it was closer to $1,900.
>> Recommended Reading: What Kind Of Credit Score Do You Need To Rent An Apartment?
Because the region of Metro Vancouver is so varied, we broke up the average rent in each neighbourhood to give you the clearest, most accurate look at the cost of rent by comparing one, two, and three-bedroom rates for both furnished and unfurnished units.
Living in Surrey continues to offer the best deal on rent where a one-bedroom apartment averages $1,325 per month. On the other hand, Downtown Vancouver fetches the highest rent prices at $1,972 for the same kind of apartment.
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!
Most expensive cities in Canada
Vancouver has officially overtaken Toronto as the most expensive city in Canada. In March, the average cost for an unfurnished one-bedroom apartment in Toronto is $1,679.
However, in Vancouver, it’s $1,696. If you’re looking to save on rent in the city, then a place like Montreal is a better bet than T.O. or the West Coast.
>> Recommended Reading: Vancouver vs Toronto: Cost of Living Comparison
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Complete April 2021 Vancouver Rent Report: Download Here
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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
March 2021 Vancouver Rent Report
March 2021 Toronto Rent Report
March 2021 Montreal Rent Report
For information about COVID-19 for landlords and tenants, you can check our comprehensive resource posts. They include information on the various federal and provincial assistance initiatives available to help support landlords (small business relief) and tenants (rent relief):