Renting in Metro Vancouver is a frequent topic of discussion among residents, and thankfully, over the last several months, things have been moving in the right direction for folks hoping for more affordable rent.
Two recent reports, including Zumper, which covers median rental rates, and liv.rent, which covers average rental rates, reflect this trend.
liv.rent states that rent has stayed below 2023 levels for the fifth consecutive month, including November. Meanwhile, Zumper reports that the median rent has dropped in the priciest cities but that some of the more affordable markets are seeing increases.
According to liv.rent, downtown Vancouver is the priciest neighbourhood to rent in this month. liv.rent’s data says that an unfurnished one-bedroom apartment in downtown would cost renters an average of $2,772 per month.
As of this November, there is also a very small gap between unfurnished and furnished bedrooms across Metro Vancouver.
liv.rent
When average rent costs are broken down by municipality, Surrey emerges as November’s cheapest place to rent a one-bedroom apartment, while West Vancouver remains the costliest city.
liv.rent
liv.rent also highlights the disparity between downtown and Vancouver’s most affordable neighbourhood, Sunset-Victoria Fraserview, which has an average monthly cost of $1,928 for a one-bedroom apartment.
Shaughnessy might be one of the most expensive neighbourhoods to purchase a house in, but it’s not the most expensive neighbourhood to rent in.
liv.rent
Zumper is also reporting some promising signs for affordability in Vancouver.
Zumper says that in October, Vancouver “continued to rank as the most expensive city in Canada, though one-bedroom rent fell 1.9% to $2,600, while two-bedrooms dropped 3.5% to $3,600. This report marks the third straight month of Vancouver one-bedroom prices not only declining but accelerating in those declines as well.”
While rent in some of the more expensive Metro Vancouver areas is out of reach for some, it’s a positive sign that rates are dropping in most cities to a relatively more affordable place.
How long it’ll last is a whole other question.