{"id":27093,"date":"2021-01-20T12:25:26","date_gmt":"2021-01-20T20:25:26","guid":{"rendered":"https:\/\/liv.rent\/blog\/?p=27093"},"modified":"2023-03-24T15:53:44","modified_gmt":"2023-03-24T22:53:44","slug":"vancouver-rental-market-2020-recap-and-2021-trends","status":"publish","type":"post","link":"https:\/\/liv.rent\/blog\/rent-reports\/vancouver-rental-market-2020-recap-and-2021-trends\/","title":{"rendered":"Vancouver Rental Market &#8211; 2020 Recap and 2021 Outlook"},"content":{"rendered":"\n<p>Vancouver&#8217;s Rental Housing Market weathered the perfect storm of pandemic induced events in 2020. Thanks to federal and provincial government supports for <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2020\/04\/coronavirus-rent-relief-canada\/\" target=\"_blank\">renters<\/a> and <a href=\"https:\/\/liv.rent\/blog\/2020\/04\/covid-19-landlords-support\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">landlords<\/a> along with eviction bans, the situation wasn&#8217;t as dire for Vancouverites as forecasted. This is not to say, however, that there weren&#8217;t some challenges. With international students returning to their home countries, travel restrictions being imposed and immigration slowing to a trickle, demand for rental housing suddenly slowed down; hence, placing downward pressure on rental rates in most major cities across Canada including Vancouver.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"How much is rent in Vancouver? | 2021 FORECAST | liv.talk Webinar\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/8UOc4BFAwOw?feature=oembed\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<br>\n<style>\n.background-webinar-download-vanc-report {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-webinar-download-vanc-report p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n\n.cta-block-webinar-download-vanc-report {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-webinar-download-vanc-report {\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n<\/style>\n\n<div class=\"background-webinar-download-vanc-report cta-block-webinar-download-vanc-report\">\n<h3><strong>Want to access the full report?<\/strong><\/h3>\n\n<p>The latest report about the Vancouver Rental Market. Review key trends from 2020.<\/p>\n\n<p><strong>Get insights and predictions to prepare yourself for 2021.<\/strong><\/p>\n\n<button id=\"webinar-download-vanc-report\" class=\"button-webinar-download-vanc-report\">Download Full Report<\/button>\n<\/div>\n\n\n\n<br><h2 class=\"wp-block-heading\">Video Transcription<\/h2>\n\n\n\n<br><p><strong>This article is a transcription of our live liv.talk webinar 2020 Vancouver Rental Market Recap + 2021 Predictions. Watch the video or download the full report for the best insights on the Vancouver rental market in 2020 and upcoming trends to look out for in 2021.<\/strong><\/p>\n\n\n\n<br>\n<h2 style=\"text-align: center;\" id=\"toc\"><strong>Table of Contents<\/strong><\/h2>\n\n\n\n<div style=\"border: 1px solid black; text-align: center; margin: 20px 0%; padding: 20px\">\n<p style=\"text-align: center;\"><strong><a href=\"#vancouver-insights\">2020 Vancouver Rental Market Recap: Top 7 Insights<\/a><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><a href=\"#vancouver-forecasts\">2021 Vancouver Rental Market Forecast: Top 7 Upcoming Trends<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<br><h2 id=\"vancouver-insights\">2020 Vancouver Rental Market Recap: Top 8 Insights<\/h2>\n\n\n\n<p>As mentioned, rental markets in cities across Canada experienced significant challenges this year as a result of COVID-19 &#8211;&nbsp;Vancouver was no exception. Though rental rates were slower to drop, they did. Net immigration to the city by immigrants, international students and out-of-province workers slowed significantly, plunging <a href=\"https:\/\/www.westerninvestor.com\/news\/british-columbia\/vancouver-rents-fall-as-immigration-goes-negative-1.24221328\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">111%<\/a> in the first half of 2020. <\/p>\n\n\n\n<p>This lead to a significant reduction in demand for rentals, higher vacancy rates and subsequent downward pressure on rents. Exacerbating this situation, on the one hand, was the conversion of short term rentals to long term rentals as the travel market shrunk dramatically due to COVID-19 and new business license requirements were introduced. On the other hand, additional condos were added to the city&#8217;s rental housing supply as more and more owners sought to avoid paying the Provincial \u201c<a rel=\"noreferrer noopener\" aria-label=\"Speculation and Vacancy Tax (opens in a new tab)\" href=\"https:\/\/www2.gov.bc.ca\/gov\/content\/taxes\/speculation-vacancy-tax\" target=\"_blank\">Speculation and Vacancy Tax<\/a>\u201d and the City of Vancouver&#8217;s \u201c<a rel=\"noreferrer noopener\" aria-label=\"Empty Homes Tax (opens in a new tab)\" href=\"https:\/\/vancouver.ca\/home-property-development\/empty-homes-tax.aspx\" target=\"_blank\">Empty Homes Tax<\/a>\u201d.<\/p>\n\n\n\n<p><strong>In addition to these trends, here are our top 7 take-aways from the 2020 Rental Market in Vancouver:<\/strong><\/p>\n\n\n\n<br><h3>1. Vancouver saw the smallest % change in rental prices <\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3600\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1.png\" alt=\"vancouver saw the smallest overall change in rental prices for 2020\" class=\"wp-image-27397\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1.png 3600w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1-768x516.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1-1024x688.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-1-170x113.png 170w\" sizes=\"(max-width: 3600px) 100vw, 3600px\" \/><\/figure>\n\n\n\n<br><p>Compared to other Canadian cities (Toronto, Montreal and Ottawa), Vancouver&nbsp;experienced the smallest overall change in rental rates and overtook Toronto as the <a rel=\"noreferrer noopener\" aria-label=\"most expensive city in Canada (opens in a new tab)\" href=\"https:\/\/blog.padmapper.com\/2020\/12\/15\/december-2020-canadian-rent-report\/\" target=\"_blank\">most expensive city in Canada<\/a>.<\/p>\n\n\n\n<p>In terms of where the most significant changes occurred, Vancouver saw the steepest declines for <a rel=\"noreferrer noopener\" aria-label=\"furnished 1 bedroom rentals (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver?bedroom_count=1&amp;page=1&amp;furnished=true\" target=\"_blank\">furnished 1 bedroom rentals<\/a> (down 2.4%) and <a href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver?bedroom_count=1&amp;page=1&amp;furnished=false\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"unfurnished 1 bedroom rentals (opens in a new tab)\">unfurnished 1 bedroom rentals<\/a> (down 1.4%).<\/p>\n\n\n\n<br><h3>2. Steepest declines in demand were for 1 bedroom rentals<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2.png\" alt=\"1 bedroom rentals in Vancouver saw the steepest decline in demand during 2020\" class=\"wp-image-27403\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2-768x515.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2-1024x687.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-2-2-170x113.png 170w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p>The average rent for an unfurnished 1 bedroom rental fell by 1.4%. In comparison, an unfurnished 2 bedroom rental saw a lower decrease at 1.1%. Given that many people started working from home, there was also a noticeable increase in demand for <a href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver?bedroom_count=2&amp;page=1\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">2 bedroom rentals<\/a>; people sought for more space often designating the second bedroom as an office.<\/p>\n\n\n\n<br><h3>3. Furnished rentals saw a larger % drop in rental rates compared to unfurnished units<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3.png\" alt=\"furnished rentals in vancouver saw a larger drop compared to unfurnished rentals during 2020\" class=\"wp-image-27399\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3-768x515.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3-1024x687.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-3-170x113.png 170w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p>It isn&#8217;t entirely surprising that the furnished rental market experienced bigger declines &#8211; an overall 8.9% drop vs only a 3.5% drop for unfurnished rentals. As international students returned home, tourism all but stopped, and business travel was curtailed, the market for furnished apartments faded, forcing prices downward.<\/p>\n\n\n\n<p>Hit hardest were <em><strong>furnished<\/strong><\/em> multi-bedroom rentals which saw a significant decrease in prices &#8211; <strong>2 bedroom furnished units<\/strong> experienced a 9.6% drop and <strong>3 bedroom units<\/strong> had an 11.8% drop.<\/p>\n\n\n\n<p>On the other hand, the average price drop for <strong><em>unfurnished<\/em><\/strong> rentals was mostly attributed to a decline in rental rates for <strong>3+ bedroom units<\/strong> which saw a 6.5% decrease. In contrast, unfurnished <strong>1 bedrooms<\/strong> dropped only -1.4% and <strong>2 bedrooms<\/strong> dropped by -1.1%. &nbsp; <\/p>\n\n\n\n<br><h3>4. Unfurnished rentals saw a slight rebound during summer months<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3600\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4.png\" alt=\"unfurnished rentals in vancouver saw a slight rebound during the summer months in 2020\" class=\"wp-image-27400\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4.png 3600w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4-768x516.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4-1024x688.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-4-170x113.png 170w\" sizes=\"(max-width: 3600px) 100vw, 3600px\" \/><\/figure>\n\n\n\n<br><p>Due to a decline in COVID-19 caseloads during the summer months, Vancouver <strong><em>unfurnished<\/em><\/strong> rentals enjoyed a slight recovery with unfurnished 1 bedroom rentals increasing by 0.6%&nbsp;and 2 bedrooms by +4.8% (compared to 2019).<\/p>\n\n\n\n<br><h3>5. Downtown, South Vancouver&nbsp;and Surrey saw the largest % drop in rental rates<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"4025\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-5.png\" alt=\"downtown vancouver, south vancouver and surrey saw the largest drop in rental price during 2020\" class=\"wp-image-27401\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-5.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-5-268x300.png 268w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-5-768x858.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-5-916x1024.png 916w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p><a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver\" target=\"_blank\">Vancouver&#8217;s<\/a> downtown core, as well as <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/surrey\" target=\"_blank\">Surrey<\/a> and South Vancouver experienced the biggest declines in rental rates. For <strong><em>furnished <\/em><\/strong>rentals, Downtown rates dropped by 19.5%, Surrey dropped 16.8% and South Vancouver dropped 14.6%. In comparison, for <strong><em>unfurnished <\/em><\/strong>rentals, Downtown decreased by 7.2%, Surrey declined by 10% and South Vancouver dropped 6.9%.<\/p>\n\n\n\n<p><strong>Vancouver:<\/strong><br>The most dramatic decrease in <a href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Vancouver (opens in a new tab)\">Vancouver<\/a> occurred in the <strong><em>furnished<\/em><\/strong> rental market; primarily, the average rent for 3+ bedroom rentals declined by 27.1%. This trend was likely caused by students returning home since larger units were often shared by roommates. Likewise, <strong><em>unfurnished <\/em><\/strong>3+ bedroom units declined the most at -12.1%. In contrast, an unfurnished 1 bedroom rental only declined by 2.5%. <\/p>\n\n\n\n<p><strong>South Vancouver:<\/strong><br>South Vancouver rentals saw the greatest volatility in the furnished market. Similar to Vancouver, 3+ bedrooms units experienced the biggest drop; <strong><em>furnished<\/em> <\/strong>rentals fell by 17.3% and <strong><em>unfurnished<\/em><\/strong> rentals fell 8.8%. For 1 bedroom units, furnished rentals fell by 10.4% and unfurnished rentals fell by 6.4%.<\/p>\n\n\n\n<p><strong>Surrey:<\/strong><br>With the biggest drop in 3+ bedroom units, <a href=\"https:\/\/liv.rent\/rental-listings\/city\/surrey\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Surrey (opens in a new tab)\">Surrey<\/a> saw a decline in rental price at 20.8% for <strong><em>furnished <\/em><\/strong>rentals and 18.3% for <strong><em>unfurnished <\/em><\/strong>rentals. Unfurnished 1 bedroom rentals held steady, experiencing a slight 0.3% decline while similar furnished units dropped 10.9%.<\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 20px 0%; padding: 20px; color: #BD8D7C;\">\n<p style=\"font-size: 16px;\"><b>&gt;&gt; Recommended Reading:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2020\/10\/cheapest-neighbourhoods-for-rent-in-metro-vancouver\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top 10 Cheapest Neighbourhoods in Vancouver<\/a><\/p>\n<\/div>\n\n\n\n<br><h3>6. North Vancouver and Coquitlam markets showed resilience <\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3600\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1.png\" alt=\"north vancouver and coquitlam rental markets showed the greatest resilience during 2020\" class=\"wp-image-27410\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1.png 3600w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1-768x516.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1-1024x688.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-6-1-170x113.png 170w\" sizes=\"(max-width: 3600px) 100vw, 3600px\" \/><\/figure>\n\n\n\n<br><p>It wasn&#8217;t all doom and gloom. Some Vancouver area suburbs actually saw rental rates increase. As many shifted to remote work, living centrally became less important. Without the need to commute, some took the opportunity to move to more spacious rentals in areas where the cost per square footage is much lower than in Downtown Vancouver; for instance. <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/coquitlam\" target=\"_blank\">Coquitlam<\/a>, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/north-vancouver\" target=\"_blank\">North<\/a> and <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/west-vancouver\" target=\"_blank\">West Vancouver <\/a>all experienced positive increases in rental rates.<\/p>\n\n\n\n<p><strong>North Shore:<\/strong><br>The North Shore rental market has been remarkably resilient. Since the early days of the pandemic in March, <a rel=\"noreferrer noopener\" aria-label=\"North Vancouver (opens in a new tab)\" href=\"https:\/\/liv.rent\/blog\/2019\/08\/neighbourhood-guide-north-vancouver\/\" target=\"_blank\">North Vancouver<\/a> has experienced an upward pressure on rental prices.  In fact, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/north-vancouver\" target=\"_blank\">furnished 1 bedroom<\/a> rentals in North Vancouver were the only rental product that saw a year- over-year rent increase compared to 2019. West Vancouver&#8217;s rates also began to follow North Vancouver&#8217;s upward trend in August and continued to stabilize. <\/p>\n\n\n\n<p><strong>Coquitlam:<\/strong>&nbsp;&nbsp;<br>Overall rental prices for <strong><em>unfurnished<\/em><\/strong> properties in <a href=\"https:\/\/liv.rent\/rental-listings\/city\/coquitlam\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Coquitlam (opens in a new tab)\">Coquitlam<\/a>&nbsp;increased by 1.5%&nbsp;with 2 bedroom units experiencing the largest increase at 12.2% and 1 bedrooms, a 2.2 % boost. <strong><em>Furnished<\/em><\/strong> rentals in Coquitlam also saw demand and rates for 1 bedroom units increased by 4.7%. However, rents for 2 and 3 bedrooms furnished units declined by 1.7% and 3.1% respectively.<\/p>\n\n\n\n<br><h3>7. Burnaby and New Westminster saw a slight uptick in rental rates <\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"4025\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-7-1.png\" alt=\"new westminster and burnaby saw a slight uptick in rental rates during 2020\" class=\"wp-image-27411\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-7-1.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-7-1-268x300.png 268w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-7-1-768x858.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Recap-7-1-916x1024.png 916w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p><strong>Burnaby:<\/strong><br>Vancouver&#8217;s closest suburb to the east, <a href=\"https:\/\/liv.rent\/rental-listings\/city\/burnaby\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Burnaby<\/a> saw rates increase slightly &#8211; 0.5% &#8211; year over year with a spike in rental rates in December &#8211; <strong><em>Furnished<\/em><\/strong> 1 bedroom units in Burnaby saw a 2.8% increase, while 3 bedroom units saw a 22.6% rental price increase.  <\/p>\n\n\n\n<p><strong>New Westminster:<\/strong><br><strong><em>Furnished<\/em><\/strong> 1 bedroom units saw a year over year 0.5% increase for unfurnished rentals and 0.6% for furnished units.  In December, furnished 1 and 3 bedroom rentals increased by 1.0% and 12.6% respectively.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p style=\"font-family:open sans\" ;=\"\" \"font-style:normal\";=\"\"><strong>Other cities in Metro Vancouver that saw a positive increase during December:<\/strong><\/p>\n<ul style=\"font-family:open sans\" ;=\"\" \"font-style:normal\";=\"\">\n<li><strong>South Vancouver:<\/strong> Unfurnished 2 bedroom rentals increased by 7.6%<\/li>\n<li><strong>Surrey:<\/strong> Unfurnished 3 bedroom rentals increased by 7.5%<\/li>\n<li><strong>Coquitlam:<\/strong> Unfurnished 1 and 2 bedroom rentals increased by 0.6% and 12.4% respectively<\/li>\n<li><strong>North Vancouver:<\/strong> Furnished 1 bedroom rentals increased by 15.6%<\/li>\n<li><strong>West Vancouver:<\/strong> Furnished 1 bedroom rentals increased by 20.1%<\/li>\n<\/ul>\n\n\n\n<br>\n<style>\n.background-renter-cta-search-vancouver {\n  text-align: center;\n  color: #303030;\n  font-family: 'Inter', sans-serif;\n  font-size: 24px;\n}\n\n.cta-block-renter-cta-search-vancouver p{\n  font-family: 'Inter', sans-serif;\n  color: #303030; \n  font-weight: 400;\n  text-align: center; \n  font-size: 16px;\n}\n\n.cta-block-renter-cta-search-vancouver {\n  background-color: #F5F5F5;\n  border-radius: 16px;\n  padding: 30px;\n  text-align: center;\n  margin: 20px 0px;\n}\n.button-renter-cta-search-vancouver {\n  margin-top: 20px;\n  padding: 12px 16px;\n  background: #1D415E;\n  border: 0px solid white;\n  box-shadow: 0px 6px 8px -2px rgba(29, 66, 94, 0.4), 0px 12px 16px rgba(32, 121, 193, 0.15);\n  border-radius: 6px;\n  cursor: pointer;\n  \n  font-family: 'Inter';\n  font-style: normal;\n  font-weight: 600;\n  font-size: 14px;\n  line-height: 16px;\n  text-align: center;\n  color: #FFFFFF;\n\n}\n  \n<\/style>\n\n<div class=\"background-renter-cta-search-vancouver cta-block-renter-cta-search-vancouver\">\n<h3><strong>liv.rent &#8211; Search apartments &amp; houses for rent in Vancouver<\/strong><\/h3>\n\n<p>Search houses, rooms, condos and <a href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver\" target=\"_blank\" rel=\"noopener noreferrer\">apartments for rent in Vancouver<\/a>. Chat instantly with verified landlords. Apply to multiple listings. Save your chat history &amp; signed documents all on one platform.<\/p>\n\n<a href=\"https:\/\/liv.rent\/rental-listings\/city\/vancouver\" target=\"_blank\" rel=\"noopener noreferrer\"><button id=\"button-renter-cta-search-vancouver\" class=\"button-renter-cta-search-vancouver\">Browse Listings<\/button><\/a>\n<\/div>\n\n\n\n<br><h2 id=\"vancouver-forecasts\">2021 Vancouver Rental Market Forecast: Top 7 Upcoming Trends<\/h2>\n\n\n\n<br><h3>1. Demand for space will continue to push renters further from Downtown Vancouver<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1.png\" alt=\"demand for space will continue to push renters further away from downtown vancouver in 2021\" class=\"wp-image-27391\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1-768x515.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1-1024x687.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-1-170x113.png 170w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p>With remote work becoming the norm for many, people sought for extra elbow room. Vancouverites soon realized it was more cost-effective to move further away from the city centre where the cost per square footage was lower. For those wanting a bigger rental home, places like <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/surrey\" target=\"_blank\">Surrey<\/a>, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/burnaby\" target=\"_blank\">Burnaby<\/a> and <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/liv.rent\/rental-listings\/city\/coquitlam\" target=\"_blank\">Coquitlam<\/a> which offer bigger spaces at lower rental rates than Downtown Vancouver became increasingly desirable <\/p>\n\n\n\n<p><strong>2021 Forecast<\/strong>&nbsp;\u2013 Once offices invite employees back to the office, universities resume in-person classes and travel restrictions are lifted, this trend will slow. The vibrancy of downtown living will lure renters back to the downtown Vancouver &#8211; especially students looking to enjoy the city&#8217;s restaurants and nightlife. Moreover, greater condo availability could result in sustained downward pressure on city rental prices further enticing people to live closer to their workplaces and school to avoid a lengthy commute. <\/p>\n\n\n\n<p>Amongst rental market watchers, the belief is that rents will start recovering in spring 2021 when the vaccine becomes more broadly distributed and restrictions are lifted.<\/p>\n\n\n\n<style type=\"text\/css\" style=\"display: none;\">\n  .featured-listings-wrapper {\n    margin: 40px auto;\n    padding: 30px 0;\n    border-top: 1px solid #e1e1e1;\n    border-bottom: 1px solid #e1e1e1;\n    max-width: 1094px;\n  }\n\n  .featured-listings-title {\n    font-family: \"Open Sans\", Arial, sans-serif;\n    font-size: 24px;\n    font-weight: 600;\n    letter-spacing: -0.58px;\n    line-height: 22px;\n    margin: 0 0 25px;\n  }\n\n  #featured-listings-root {\n    display: grid;\n    grid-template-columns: repeat(auto-fill, 245px);\n    grid-template-rows: repeat(1, 1fr);\n    grid-auto-rows: 0;\n    overflow-y: hidden;\n    grid-gap: 0 15px;\n    justify-content: center;\n    align-content: start;\n  }\n\n  .block-listing-card-wrapper {\n    width: 245px;\n    height: 175px;\n    cursor: pointer;\n    position: relative;\n    text-decoration: none;\n    display: flex;\n    align-items: flex-end;\n    overflow: hidden;\n    justify-self: center;\n    text-decoration: none !important;\n  }\n\n  .block-listing-card-body {\n    display: flex;\n    padding: 10px;\n    width: 100%;\n    background: linear-gradient(\n      180deg,\n      rgba(0, 0, 0, 0) 0%,\n      rgba(4, 4, 4, 0.8) 100%\n    );\n  }\n\n  .block-listing-card-detail-column {\n    display: flex;\n    flex: 1.2;\n    flex-direction: column;\n    white-space: nowrap;\n    overflow: hidden;\n    text-overflow: ellipsis;\n  }\n\n  .block-listing-card-pre-price-text {\n    font-family: \"Open Sans\", Arial, sans-serif;\n    text-shadow: rgba(0, 0, 0, 0.8) 0px 0px 3px;\n    font-size: 11px;\n    color: #fff !important;\n    margin: 0;\n  }\n\n  .block-listing-card-price-text {\n    font-family: \"Open Sans\", Arial, sans-serif;\n    text-shadow: rgba(0, 0, 0, 0.8) 0px 0px 3px;\n    font-size: 12px;\n    color: #fff !important;\n    margin: 0;\n    line-height: 18px;\n  }\n\n  .block-listing-card-price-text strong {\n    font-size: 18px;\n    font-weight: 600;\n  }\n\n  .block-listing-card-price-text-mobile {\n    display: none;\n  }\n\n  .block-listing-card-address-text {\n    font-family: \"Open Sans\", Arial, sans-serif;\n    text-shadow: rgba(0, 0, 0, 0.8) 0px 0px 3px;\n    font-size: 12px;\n    color: #fff !important;\n    line-height: 15px;\n    margin: 0;\n    text-overflow: ellipsis;\n    overflow: hidden;\n    white-space: nowrap;\n  }\n\n  .block-listing-card-detail-row {\n    display: none;\n  }\n\n  .block-listing-card-detail-text {\n    font-family: \"Open Sans\", Arial, sans-serif;\n    text-shadow: rgba(0, 0, 0, 0.8) 0px 0px 3px;\n    font-size: 16px;\n    color: #fff !important;\n    line-height: 18px;\n    margin: 0;\n  }\n\n  .block-listing-card-detail-text:last-child {\n    margin-left: 10px;\n    padding-left: 10px;\n    border-left: 1px solid #fff;\n  }\n\n  div.ribbon-wrapper {\n    width: 100px;\n    height: 24px;\n    display: flex;\n    align-items: center;\n    position: absolute;\n    z-index: 10;\n    top: 10px;\n    left: -15px;\n    padding-left: 22px;\n  }\n\n  div.ribbon-wrapper > p {\n    font-family: \"Open Sans\", Arial, sans-serif;\n    font-size: 14px;\n    color: #fff !important;\n    margin: 0;\n  }\n\n  .featured-listings-block-link {\n    display: block;\n    font-size: 14px;\n    color: #3e5b77;\n    text-align: center;\n    margin-top: 10px;\n  }\n\n  @media only screen and (max-width: 991px) {\n    #featured-listings-root {\n      grid-template-columns: 1fr 1fr;\n      grid-template-rows: 1fr 1fr;\n      grid-gap: 15px;\n    }\n\n    .featured-listings-wrapper {\n      padding: 30px 0 25px;\n    }\n\n    .block-listing-card-wrapper {\n      width: 100%;\n      height: 130px;\n      max-width: 350px;\n      background-size: cover;\n    }\n\n    .block-listing-card-body {\n      padding: 4px;\n    }\n\n    .block-listing-card-detail-column {\n      flex: unset;\n    }\n\n    .block-listing-card-detail-row {\n      display: flex;\n      flex: 1;\n    }\n\n    .block-listing-card-pre-price-text {\n      display: none;\n    }\n\n    .block-listing-card-price-text {\n      display: none;\n    }\n\n    .block-listing-card-price-text-mobile {\n      display: block;\n      font-family: \"Open Sans\", Arial, sans-serif;\n      text-shadow: rgba(0, 0, 0, 0.8) 0px 0px 3px;\n      font-size: 12px;\n      color: #fff !important;\n      margin: 0;\n      line-height: 18px;\n    }\n\n    .block-listing-card-detail-text {\n      font-size: 12px;\n      line-height: 18px;\n      margin-left: 5px;\n      padding-left: 5px;\n      border-left: 1px solid #fff;\n    }\n\n    .block-listing-card-detail-text:last-child {\n      margin-left: 5px;\n      padding-left: 5px;\n    }\n\n    .block-listing-card-address-text {\n      display: none;\n    }\n\n    div.ribbon-wrapper {\n      display: none;\n    }\n  }\n\n  @media only screen and (max-width: 364px) {\n    .block-listing-card-detail-text:last-child {\n      display: none;\n    }\n  }\n<\/style>\n\n<script type=\"text\/javascript\">\n  document.addEventListener(\n    \"DOMContentLoaded\",\n    function () {\n      const query = `query list($input: ListSearchInput!) {\n        listSearch {\n          featured(input: $input) {\n            street_name\n            building_type\n            full_street_name\n            city\n            state\n            bathrooms\n            bedrooms\n            gr_min_price\n            gr_unit\n            hide_unit_number\n            cover_photo_aws_s3_key\n            listing_id\n            price\n            price_frequency\n            is_hidden\n            state_machine\n            landlords {\n              identity_verified_state\n            }\n          } \n        } \n      }`;\n      const variables = {\n        input: {\n          featured: 4,\n          page: 1,\n          page_size: 12,\n          housing_type: null,\n          bedroom_count: null,\n          furnished: null,\n          cities: [\"Richmond\", \"Burnaby\", \"Surrey\", \"North Vancouver\"],\n        },\n      };\n      const url = \"https:\/\/nemesis-prod.liv.rent\/graphql\";\n      const options = {\n        method: \"POST\",\n        headers: { \"Content-Type\": \"application\/json\" },\n        body: JSON.stringify({ query, variables }),\n      };\n      const FREQUENCY = {\n        daily: \"Day\",\n        weekly: \"Week\",\n        monthly: \"Month\",\n        one_time: \"Single payment\",\n      };\n      const FREQUENCY_MOBILE = {\n        daily: \"\/d\",\n        weekly: \"\/w\",\n        monthly: \"\/m\",\n        one_time: \"\",\n      };\n      fetch(url, options)\n        .then((res) => res.json())\n        .then((data) => {\n          const featured = data.data.listSearch.featured;\n          \/\/ const root = document.querySelector(\"div.related-post\");\n          \/\/ const root = document.querySelector(\"div.entry-content\");\n          const root = document.querySelector(\"#featured-block-root\");\n          let html = [];\n\n          featured.map((listing) => {\n            const isGroup = listing.gr_unit;\n\n            const ribbon = document.createElement(\"div\");\n            const ribbonText = document.createElement(\"p\");\n            ribbonText.innerHTML = \"Featured\";\n            ribbon.className = \"ribbon-wrapper\";\n            ribbon.style.background =\n              \"url('https:\/\/liv.rent\/blog\/wp-content\/uploads\/2020\/03\/ribbon.png') center no-repeat\";\n            ribbon.appendChild(ribbonText);\n\n            const prePriceText = isGroup\n              ? '<p class=\"block-listing-card-pre-price-text\">Starting at...<\/p>'\n              : \"\";\n            const price = isGroup\n              ? parseFloat(listing.gr_min_price)\n              : parseFloat(listing.price);\n            const priceFrequency = FREQUENCY[listing.price_frequency];\n            const mobilePriceFrequency =\n              FREQUENCY_MOBILE[listing.price_frequency];\n            const priceText =\n              '<p class=\"block-listing-card-price-text\"><strong>$' +\n              price +\n              \"<\/strong> \/ \" +\n              priceFrequency +\n              \"<\/p>\";\n            const mobilePriceText =\n              '<p class=\"block-listing-card-price-text-mobile\">$' +\n              price +\n              mobilePriceFrequency +\n              \"<\/p>\";\n            const address = listing.hide_unit_number\n              ? listing.street_name\n              : listing.full_street_name;\n            const addressText =\n              '<p class=\"block-listing-card-address-text\">' +\n              address +\n              \", \" +\n              listing.city +\n              \"<\/p>\";\n            const bedroomText =\n              '<p class=\"block-listing-card-detail-text\">' +\n              (listing.bedrooms > 0\n                ? parseFloat(listing.bedrooms) + \" Bed\"\n                : \"Studio\") +\n              \"<\/p>\";\n            const bathroomText =\n              '<p class=\"block-listing-card-detail-text\">' +\n              parseFloat(listing.bathrooms) +\n              \" Bath\" +\n              \"<\/p>\";\n\n            const cardBody =\n              '<div class=\"block-listing-card-body\"><div class=\"block-listing-card-detail-column\">' +\n              prePriceText +\n              priceText +\n              mobilePriceText +\n              addressText +\n              '<\/div><div class=\"block-listing-card-detail-row\">' +\n              bedroomText +\n              bathroomText +\n              \"<\/div><\/div><\/div>\";\n\n            const cardWrapper = document.createElement(\"a\");\n            cardWrapper.className = \"block-listing-card-wrapper\";\n            cardWrapper.setAttribute(\n              \"id\",\n              \"blog-featured-card-\" + listing.listing_id\n            );\n            cardWrapper.innerHTML = cardBody;\n            cardWrapper.setAttribute(\n              \"href\",\n              \"https:\/\/liv.rent\/rental-listings\/\" + listing.listing_id\n            );\n            const baseImageUrl = \"https:\/\/cdn.liv.rent\/350x262\/\";\n            const imageUrl = listing.cover_photo_aws_s3_key;\n            cardWrapper.style.background =\n              \"url(\" +\n              baseImageUrl +\n              imageUrl +\n              \") center center \/ cover no-repeat\";\n            cardWrapper.appendChild(ribbon);\n\n            return html.push(cardWrapper);\n          });\n\n          const listingsRoot = document.createElement(\"div\");\n          listingsRoot.setAttribute(\"id\", \"featured-listings-root\");\n          html.forEach((card) => {\n            listingsRoot.appendChild(card);\n          });\n\n          const titleText = document.createElement(\"h2\");\n          titleText.className = \"featured-listings-title\";\n          titleText.innerHTML = \"Featured Listings for Rent\";\n\n          const linkText = document.createElement(\"a\");\n          linkText.className = \"featured-listings-block-link\";\n          linkText.innerHTML = \"View all listings on liv.rent\";\n          linkText.setAttribute(\"href\", \"https:\/\/liv.rent\/rental-listings\/map\");\n\n          const innerWrapper = document.createElement(\"div\");\n          innerWrapper.className = \"featured-listings-grid-wrapper\";\n          innerWrapper.appendChild(listingsRoot);\n\n          const outterWrapper = document.createElement(\"div\");\n          outterWrapper.className = \"featured-listings-wrapper\";\n          outterWrapper.appendChild(titleText);\n          outterWrapper.appendChild(listingsRoot);\n          outterWrapper.appendChild(linkText);\n\n          \/\/ Insert Into\n          root.appendChild(outterWrapper);\n\n          \/\/ Insert Before\n          \/\/ root.parentNode.insertBefore(outterWrapper, root);\n\n          \/\/ Insert After\n          \/\/ root.parentNode.insertBefore(outterWrapper, root.nextSibling);\n        })\n        .catch(function (err) {\n          console.warn(\"Something went wrong.\", err);\n        });\n    },\n    false\n  );\n<\/script>\n\n<!-- Root div if not using existing or dynamic element as root -->\n<div id=\"featured-block-root\"><\/div>\n\n\n\n<br><h3>2. Short term rentals being converted to long term rentals<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2.png\" alt=\"short term rentals will be converted to long term rentals throughout 2021\" class=\"wp-image-27392\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2-768x515.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2-1024x687.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-2-170x113.png 170w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p>Given global travel restrictions, quarantine requirements and the severe slowdown in business travel, landlords and property managers of short term rentals experienced a dramatic downturn in demand compelling them to pivot and re-introduce their properties onto the market as long-term rentals, adding to the supply and downward pressure on rents.<\/p>\n\n\n\n<p><strong>2021 Forecast<\/strong> &#8211; As long as travel restrictions and quarantine requirements are still in place, this trend will persist for the foreseeable future. Nonetheless, short term rental options will be re-introduced gradually as things go back to normal. However, landlords that have managed to secure long-term tenants will be compelled to honour those rental arrangements.  <\/p>\n\n\n\n<br><h3>3. Rental Incentives<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1920\" height=\"1289\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3.png\" alt=\"continual increase in rental incentives to fill units in vancouver\" class=\"wp-image-27393\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3.png 1920w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3-768x516.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3-1024x688.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-3-170x113.png 170w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/figure>\n\n\n\n<br><p>Due to the increase in available rentals, some cities like Toronto and Calgary saw a significant uptick in rental incentives that included cash bonuses, free internet or discounts on longer leases. Vancouver landlords though, were more reluctant to resort to these methods to attract renters and were also slower on the uptake to lower rents despite a significant drop in demand. For example, areas around the Cambie corridor normally saw high demand; instead, landlords have been struggling to secure tenants. Ultimately, some landlords began offering attractive incentives such as move-in bonuses, free parking spots and even new beds and mattresses. <\/p>\n\n\n\n<p><strong>2021 Forecast<\/strong> &#8211; Depending on travel restrictions and quarantine requirements in 2021, Vancouver landlords may need to continue to incentivize renters if they hope to fill their units and recoup on some of the losses experienced in 2020.  <\/p>\n\n\n\n<br><h3>4. Broader adoption of digital tools and services<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4.png\" alt=\"broad adoption of technology to streamline the rental process\" class=\"wp-image-27394\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4-768x515.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4-1024x687.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-4-170x113.png 170w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p>Globally, the world experienced a rapid digital transformation due to COVID. Businesses of all kinds pivoted and scrambled to reinforce their digital capabilities as in-person servicing was no longer recommended. The rental industry embraced this shift wholeheartedly and apps like <a rel=\"noreferrer noopener\" aria-label=\"liv.rent (opens in a new tab)\" href=\"http:\/\/liv.rent\" target=\"_blank\">liv.rent<\/a> gained prominence as they facilitated a contact free, easy rental process for both landlords and tenants.<\/p>\n\n\n\n<p><strong>2021 Forecast<\/strong> &#8211; This accelerated adoption of digital tools will continue as people recognize the value of being able to streamline the entire rental process and save valuable time, positively impacting everyday lives. <\/p>\n\n\n\n<div style=\"border: 2px solid lightcoral; text-align: center; margin: 20px 0%; padding: 20px; color: #BD8D7C;\">\n<p style=\"font-size: 16px;\"><b>&gt;&gt; Recommended Reading:<\/b> <a href=\"https:\/\/liv.rent\/blog\/2020\/05\/feature-update-view-rental-listings-online-with-video-tours\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tenants and landlords choosing digital, contact-free ways to secure rentals<\/a><\/p>\n<\/div>\n\n\n\n<br><h3>5. Renter preferences continue to change<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3601\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5.png\" alt=\"renter preferences will continue to change throughout 2021\" class=\"wp-image-27395\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5.png 3601w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5-768x515.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5-1024x687.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-5-170x113.png 170w\" sizes=\"(max-width: 3601px) 100vw, 3601px\" \/><\/figure>\n\n\n\n<br><p>As people reprioritize and consider the lifestyle adjustments forced upon them by the pandemic, they have become more open to different housing options. Where once location was important, hence driving the demand for downtown condos; now space has been prioritized by some, thus necessitating a move to the suburbs or upgrade to a bigger rental. This is reflected in the buoyancy of Vancouver&#8217;s 2 bedroom rental rates vs. the drop in rates for both furnished and unfurnished 1 bedroom rates throughout the year.<\/p>\n\n\n\n<p>In addition to the demand for more space, renters\u2019 preferences are shifting in other ways. Repeated calls of public health officials for social distancing are making shared common spaces like elevators, lobbies, and laundry rooms less appealing. This is leading to more interest in renting houses, townhomes or units in older three\/four-storey walk-up buildings. On the other hand, luxurious amenities that were once appealing are losing their lustre.<\/p>\n\n\n\n<p><strong>2021 Forecast<\/strong>&nbsp;\u2013 Most likely, COVID-induced preferences will not immediately change urban plans or impact developers\u2019 project designs in the near term. However, if the situation persists, Vancouver&#8217;s development community will need to reconsider how Vancouverites want to live and create housing product that meets their revised requirements.<\/p>\n\n\n\n<br><h3>6. Low mortgage rates will incentivize renters to buy<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"3600\" height=\"2417\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6.png\" alt=\"low mortgage rates will incentivize renters to buy\" class=\"wp-image-27388\" srcset=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6.png 3600w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6-225x150.png 225w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6-300x201.png 300w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6-768x516.png 768w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6-1024x688.png 1024w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6-370x247.png 370w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6-440x294.png 440w, https:\/\/liv.rent\/blog\/wp-content\/uploads\/2021\/01\/2021-01-12_Vancouver-Rental-Market-Recap_Blog-Assets_Prediction-6-170x113.png 170w\" sizes=\"(max-width: 3600px) 100vw, 3600px\" \/><\/figure>\n\n\n\n<br><p>Despite a very hot housing market that saw average sales prices increase by 11.4% in Vancouver, historically low mortgage rates emboldened many renters to buy versus rent; thereby, further reducing demand for rentals. Additionally, some landlords are choosing to sell their rental properties for the short-term rental market will remain soft in the foreseeable future, and securing long-term tenants is proving more difficult.<\/p>\n\n\n\n<p><strong>2021 Forecast<\/strong>&nbsp;\u2013 Low mortgage rates are expected to continue throughout 2021. This suggests continued interest in home-buying despite rising sale prices (<a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/blog.remax.ca\/vancouver-housing-market-outlook\/#:~:text=1%20%E2%80%93%20Dec.,average%20price%20to%20approximately%20%241%2C320%2C800.\" target=\"_blank\">4% increase predicted for 2021<\/a>). A healthy supply of downtown condos may attract first time home buyers, while others may seek more spacious homes in the suburbs. However, considering that many federal and provincial COVID support payments are coming to an end, some buyer insecurity can be anticipated and may dampen home-buying interest. This, in turn, would boost interest in renting once again.<\/p>\n\n\n\n<br><h3>7. Vancouver will be a renter&#8217;s market in 2021<\/h3>\n\n\n\n<p>Due to the drastic decline of incoming international students and new immigrants, demand on the Vancouver rental market relaxed in 2020.  Vacancy rates rose for the first time in a long while and renters had more choices.<\/p>\n\n\n\n<p><strong>2021 Forecast<\/strong>&nbsp;\u2013  For the first half of 2021, most Vancouver colleges and universities will continue to follow the remote learning model. Likewise, immigration will continue to be put on hold and tourism will be restricted. As a result, the demand for rentals will continue to be softer than usual, affording renters more choices and negotiating power when securing their leases.  However, by spring and early summer, we&#8217;ll start to see a reverse as vaccines become widely distributed and restrictions are loosened up.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<br> \n\n<style> \n\n.button-rethink-way-you-rent { \n  background-color: #3E5B77; \n  border: 5px #26425C; \n  color: white; \n  padding: 10px 30px; \n  text-align: center; \n  text-decoration: none; \n  display: inline-block; \n  font-size: 15px; \n  margin: 5px 0px 20px 0px; \n  cursor: pointer; \n} \n<\/style> \n\n<img decoding=\"async\" class=\"alignleft wp-image-23097\" src=\"https:\/\/liv.rent\/blog\/wp-content\/uploads\/2020\/08\/Digital-Contracts-Cropped-2.gif\" alt=\"Find apartments &amp; houses for rent with the liv.rent app\" width=\"196\" height=\"370\" style=\"float:left;\"> \n\n<h3 style=\"color: #3E5B77;\">Rethink The Way You Rent<\/h3> \n\n<p>Not on <strong><a href=\"https:\/\/liv.rent\/\" target=\"_blank\" rel=\"noopener noreferrer\">liv.rent<\/a><\/strong> yet? Experience the ease of digital applications &#038; contracts, verified tenants &#038; landlords, virtual tours and more \u2013 all on one platform. <strong><a href=\"https:\/\/liv.rent\/pricing\" target=\"_blank\" rel=\"noopener noreferrer\">Sign up for free<\/a><\/strong> or <strong><a href=\"https:\/\/liv.rent\/download\" target=\"_blank\" rel=\"noopener noreferrer\"> download the app<\/a><\/strong>.<\/p> \n\n<a href=\"https:\/\/liv.rent\/\" target=\"_blank\" rel=\"noopener noreferrer\"><button id=\"button-rethink-way-you-rent\" class=\"button-rethink-way-you-rent\">Learn More<\/button><\/a> \n\n<p style=\"color: #3E5B77\"><strong><a href=\"https:\/\/315027fd.sibforms.com\/serve\/MUIEALxBmw-zX8J7nIDbE8Y0GsbO2XD2wyS5o8IJ7wVaedytZTfE-Ysnf2unVSDuBMQ_DiIreTYMftk3u84zjN-NZ459-r4fafSVJmvHqufcCZsHOdl9YPdQlyNO_8e-aEyO3JswcwrjPcNt9Ll22P85SQ6zAIiqlLhL9S2Es9edJgfjg0307yN6DptRbjGnHobRqNlUNRLczWrl\" target=\"_blank\" rel=\"noopener noreferrer\">Subscribe<\/a><\/strong> to receive the latest tenant &#038; landlord tips and get notified about changes in the Canadian rental market.\n<\/p> \n\n<p style=\"color: #3E5B77\"><strong>>> Stay up-to-date on the average rent in Vancouver, Toronto and Montreal: <\/strong> <a href=\"https:\/\/liv.rent\/blog\/rent-reports\/\" target=\"_blank\" rel=\"noopener noreferrer\">Rent Reports<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver&#8217;s Rental Housing Market weathered the perfect storm of pandemic induced events in 2020. Thanks to federal and provincial government supports for renters and landlords along with eviction bans, the situation wasn&#8217;t as dire for Vancouverites as forecasted. This is not to say, however, that there weren&#8217;t some challenges. With international students returning to their [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":27841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[292,133],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vancouver Rental Market - 2020 Recap and 2021 Outlook | liv.rent blog<\/title>\n<meta name=\"description\" content=\"Find out what happened in the Vancouver rental market. Review key trends from 2020. 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