{"id":23017,"date":"2020-09-01T09:30:03","date_gmt":"2020-09-01T16:30:03","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=23017"},"modified":"2021-03-31T14:27:27","modified_gmt":"2021-03-31T21:27:27","slug":"september-2020-vancouver-rent-report","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/rent-reports\/september-2020-vancouver-rent-report\/","title":{"rendered":"September 2020 Vancouver Rent Report"},"content":{"rendered":"\n

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

As schools reopen and more and more people head back to work, we take a closer look at the reported average rent prices across the Greater Vancouver Area<\/a> for September. Based on data gathered from numerous listing websites and our own liv.rent<\/a> platform, our rent reports seek to identify and share key market data and trends, to help inform and educate landlords and tenants alike. <\/p>\n\n\n\n

Jump to the following Vancouver Rent Report sections: <\/strong><\/p>\n\n\n\n

Average Rent <\/a><\/p>\n

Month-to-month Rent Change<\/a><\/p>\n

Income to Rent Ratio<\/a><\/p>\n

Renter Demographics<\/a><\/p>\n

Pet-Friendly Rentals<\/a><\/p>\n

Unfurnished Vs. Furnished Averages<\/a><\/p>\n

Neighbourhood Breakdown<\/a><\/p>\n

Average Rent in Canada<\/a><\/p>\n

Downloadable Resources<\/a><\/p><\/div>\n\n\n\n

Complete September 2020 Vancouver Rent Report: Download Here<\/a><\/strong><\/p>\n\n\n\n

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

Here we see the average rent of a 1 bedroom, unfurnished apartment over the 6-month, April-September time frame. The average rent for unfurnished, 1 bedroom apartments seems to have stabilized with only a hint of downward pressure in September. <\/p>\n\n\n\n

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We encourage you to subscribe<\/a> to our mailing list for 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: Average Rents near Transit in Great Vancouver<\/a><\/strong><\/p>\n\n\n\n

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

As in previous months during the pandemic, the largest decreases were seen in the furnished rental market which is typically shorter-term rentals for travelling professionals, international students, or temporary visitors. This month, the trend continues for most of Greater Vancouver<\/a> with Burnaby<\/a> being the only exception – seeing a 5.75% increase in furnished rental rates. New Westminster saw the largest drop in prices – a decrease of 7.01% for furnished rentals.<\/p>\n\n\n\n

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Income to Rent Ratio<\/h2>\n\n\n\n

An Income to Rent Ratio<\/em> 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 – 45% – of their income on rent this past quarter.<\/p>\n\n\n\n

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Rent per Square Foot<\/h2>\n\n\n\n

Rent per Square Foot is another new dataset we have been introducing to our monthly Rent Reports<\/a>. It is a key indicator of value for money, however, it does not take into account variables like transit accessibility and rental amenities.<\/p>\n\n\n\n

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Renter Demographics<\/h2>\n\n\n\n

In September, the vast majority of rental seekers, 45%, fell into the 25-34 yr old category while 30% 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 26% of listings willing to house pets.<\/p>\n\n\n\n

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