{"id":20270,"date":"2020-06-01T15:00:05","date_gmt":"2020-06-01T22:00:05","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=20270"},"modified":"2021-03-31T14:27:27","modified_gmt":"2021-03-31T21:27:27","slug":"june-2020-vancouver-rent-report","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/rent-reports\/june-2020-vancouver-rent-report\/","title":{"rendered":"June 2020 Vancouver Rent Report"},"content":{"rendered":"\n

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

This month, we take a closer look at the reported average rent prices across the Greater Vancouver Area. This is the third rent report based on data gathered from numerous listing websites during the quarantine period and we’re seeing downward pressure on rental rates continue 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, January-June time frame. The average rent for unfurnished, 1 bedroom apartments amidst the COVID-19 pandemic continues to see downward pressure in June following the pandemic-induced trend of April<\/a> and May<\/a>.<\/p>\n\n\n\n

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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: Average Rents near Transit in Great Vancouver)<\/a><\/strong><\/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 May to June’s figures. The biggest decrease was in Burnaby where unfurnished rentals dropped by 5.76%, while West Vancouver saw an increase of 6.97% for unfurnished rentals. <\/p>\n\n\n\n

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Renter Demographics <\/h2>\n\n\n\n

In June, the vast majority of rental seekers, 47%, fell into the 25-34 yr old category while 27% were in the under 25 categories.<\/p>\n\n\n\n

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

liv.rent<\/a> continues to host more pet-friendly listings than any other platform with 27% of listings willing to house pets.<\/p>\n\n\n\n

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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 June was $1,639 down from May’s $1,668. The average cost of a furnished apartment went up slightly to $1,834 from May’s $1,828. <\/p>\n\n\n\n

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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 $1,337 down from May’s average of $1,371. In comparison, Downtown Vancouver\u2019s<\/a> rent average of $1,933 is down from May’s $1,955.<\/p>\n\n\n\n

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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

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COVID-19 Resources <\/h2>\n\n\n\n

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<\/a> (small business relief) and tenants<\/a> (rent relief):<\/p>\n\n\n\n