Rental Trends in December 2020
As we enter enter the final month of an unusual year, Vancouverites have grown accustomed to working and studying at home. Businesses have adjusted to COVID-19 restrictions and continue to persevere. As we take a closer look at the reported average rent prices across the Greater Vancouver Area for December, based on data gathered from numerous listing websites and our own liv.rent platform, we see some upticks in rental rates in certain areas. Our rent reports seek to identify and share key market data and trends, to help inform and educate landlords and tenants alike.
Jump to the following December Vancouver Rent Report sections:
Complete December 2020 Vancouver Rent Report: Download Here
Average Rent across Greater Vancouver
Here we see the average rent of a 1 bedroom, unfurnished apartment over the 6-month, July-December time frame. The average rent for unfurnished, 1 bedroom apartments seem to have stabilized with only a slight dip in November.
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>> Recommended Reading: Average Rents near Transit in Great Vancouver
Month-to-Month Rent Change
The greatest volatility continues to affect the furnished rental market which is typically shorter-term rentals for travelling professionals, international students, or temporary visitors. This month, the trend continues in some parts of Greater Vancouver with West Vancouver experiencing a 16.41% increase in furnished rental rates while South Vancouver seeing a 4.64% decrease in these rates. Interestingly, North Vancouver saw a decrease of 3.37% in prices for furnished rentals after a rise of 4.6% last month – suggesting a stabilization overall. As for unfurnished rentals, the city of Surrey experienced the largest dip at 3.78% while Downtown Vancouver saw a 4.51% uptick since November.
>> Recommended Reading: Feature Update: View Rental Listings On-line with Video Tours
Income to Rent Ratio
An Income to Rent Ratio determines the percentage of monthly or annual gross income a tenant applies to rent payments. This month we share this quarterly metric with our readers. As evidenced below, renters across the Lower Mainland spent a significant portion – 37% – of their income on rent this past quarter.
Rent per Square Foot
Rent per Square Foot is a key indicator of value for money, however, it does not take into account variables like transit accessibility, distance from downtown and rental amenities.
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Renter Demographics
In November, the vast majority of rental seekers, 45%, fell into the 25-34 yr old category while 30% were in the under 25 category.
Pet-Friendly Rentals
liv.rent continues to host more pet-friendly listings than any other platform with almost 1/3 of listings (27%) willing to welcome household pets vs. 20% on other rental platforms.
Average Unfurnished vs. Furnished Rates
How much is rent in Vancouver? The average rent in Greater Vancouver for an unfurnished one-bedroom apartment in December was up slightly to $1,687 from November’s $1,674. The average cost of a furnished apartment, however, dipped to $1,822 from November’s $1,833.
Neighbourhood Breakdown
To assist you in making 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.
Surrey continues to have the lowest average rent in the Vancouver area for a 1 bedroom, unfurnished unit at $1,357, down from November’s average of $1,410. In comparison, Downtown Vancouver’s rent average of $2,010 was up from November’s $1,923 – a sign of some improvement in the rental market.
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Most Expensive Cities in Canada
The cost of living in Vancouver remains high as compared to every other Canadian city, except Toronto.
Downloadable Resources
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Save the complete December 2020 Rent Report package for easy sharing and reference.
Complete December 2020 Vancouver Rent Report: Download Here
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Subscribe to receive monthly updates on Canada’s major rental markets. Discover last month’s Rent Reports below:
Vancouver Rent Report
Toronto Rent Report
Montreal Rent Report
Calgary and Edmonton Rent Report
COVID-19 Resources
For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to 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):
I love these detailed reports and stats. Very insightful. Keep up the good work!