Metro Vancouver's rental rates are rising as the summer renting season nears, rebounding to near-yearly highs. The average rent prices for unfurnished one-bedroom apartments in Metro Vancouver are showing similarities to the trend in 2023. The prices decreased in March and had an increase in April. Based on last year's trends, the rates are expected to continue to rise gradually during the summer months.
Let's break it down in this April 2024 Metro Vancouver rent report.
Metro Vancouver Rental Averages
According to the data collected from Prompton, LivRent, Zumper, Rentals.ca, and Craigslist, the average monthly rent for a one-bedroom unfurnished apartment in Metro Vancouver was $2,450. Meanwhile, for a two-bedroom apartment, it was $3,426. The following graphic compares each rental platform's rental averages.
Average Metro Vancouver Rental Price per Neighbourhood
The average rental rates for 1 and 2-bedroom apartments in Vancouver, Richmond, and Burnaby are higher compared to the other two neighbourhoods in Metro Vancouver. See the chart below for details.
Rent per Square Foot
For those looking for cost-effective rentals, Surrey and Langley currently offer the most affordable options per square foot. While Vancouver, New Westminster, and Burnaby ranked as the priciest cities for space.
Trends and Insights
According to Liv.Rent, Vancouver renters are spending over 60% of their income. This is double the recommended rent-to-income ratio and reflects an imbalance in housing supply and demand.
Unfurnished one-bedroom units experienced a rise in prices between March and April. However, furnished one-bedroom units saw a much more significant increase of $251 (a 10.05% rise) from month to month. It will be interesting to keep an eye on this trend due to new short-term rental regulations that will come into effect on May 1st. These regulations are expected to bring back many former short-term rentals to the long-term market.
Moreover, apartments keep dominating the rental market, representing 75.5% of active listings, 2-bedroom units take the lead with 46%, 1-bedroom units represent 42.8% and 3-bedroom units 11.17% of all active listings on the market.
If you're a landlord considering raising rent, it's important to note that B.C.'s annual allowable rent increase limit for 2024 is 3.5%. You can find information on when and how to increase rent while ensuring compliance with provincial guidelines by reading our article Navigating Vancouver's 2024 Rent Increase: What You Need to Know
Considering these average rental rates, you can make more informed decisions about pricing your rental units competitively. It's essential to balance maximizing your rental income and offering competitive rates that attract quality tenants. Additionally, being aware of market trends can help you adapt your rental strategy to remain competitive and successful in the ever-changing Metro Vancouver rental market.
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