{"id":19611,"date":"2020-05-04T18:30:20","date_gmt":"2020-05-05T01:30:20","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=19611"},"modified":"2021-03-31T14:27:28","modified_gmt":"2021-03-31T21:27:28","slug":"may-2020-vancouver-rent-report","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/rent-reports\/may-2020-vancouver-rent-report\/","title":{"rendered":"May 2020 Vancouver Rent Report"},"content":{"rendered":"\n

Rental Trends in May 2020 <\/h2>\n\n\n\n

This month, we take a closer look at what the reported average rent prices are across the Greater Vancouver Area. This is the first rent report based on data gathered from numerous listing websites during a complete quarantine period (all of April<\/a>) and we’re seeing downward pressure on rental rates across the Lower Mainland.<\/p>\n\n\n\n

Average Rent across Greater Vancouver<\/h2>\n\n\n\n

Below we show the average rent of a 1 bedroom, unfurnished apartment over the 6-month, December-May time frame. The average rent for unfurnished, 1 bedroom apartments amidst the COVID-19 pandemic continues to see downward pressure in May following the pandemic-induced trend of April<\/a>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

We invite you to subscribe<\/a> to our mailing list updates on the Vancouver rental market and for our continued reporting on the impact of COVID-19 on the rental industry.<\/p>\n\n\n\n

(RECOMMENDED POST: <\/strong>Average Rents near Transit in Great Vancouver)<\/strong><\/a><\/p>\n\n\n\n

Month-to-Month Rent Change<\/h2>\n\n\n\n

Below we show the percentage change in average rent from April to May’s figures. The biggest decrease was in Burnaby where furnished rentals dropped by 16.45% while South Vancouver saw an increase of 11.27%. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Renter Demographics <\/h2>\n\n\n\n

In May, the vast majority of rental seekers, 46%, fell into the 25-34 yr old category while 27% were in the under 25 categories.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Pet-Friendly Rentals<\/h2>\n\n\n\n

liv.rent<\/a> continues to host more pet-friendly listings than any other platform with 22% of listings willing to house pets.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Average Unfurnished vs. Furnished rates <\/h2>\n\n\n\n

How much is rent in Vancouver? The average rent in Vancouver for an unfurnished one-bedroom apartment in May was $1,668 down from April’s $1,678. The average cost of a furnished apartment dipped slightly to $1,828 from April’s $1,883. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Neighbourhood Breakdown <\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

Surrey<\/a> continues to have the lowest average rent in the Vancouver area for a 1 bedroom, unfurnished unit at $1,371 down from April’s average of $1,408. Compared to Downtown Vancouver\u2019s<\/a> average of $1,955 down from April’s $1,958.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Most Expensive Cities in Canada<\/h2>\n\n\n\n

The cost of living in Vancouver remains high as compared to every other Canadian city except Toronto.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

COVID-19 Resources <\/h2>\n\n\n\n

For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to our comprehensive resource posts for landlords and tenants. They include information on the various federal and provincial assistance initiatives available to help support landlords<\/a> (small business relief) and tenants<\/a> (rent relief):<\/p>\n\n\n\n