After months of barely-there price increases, rents are quickly climbing in one of Canada’s priciest cities.
The cost of an unfurnished one-bedroom rental in Metro Vancouver jumped from $1,719 to $1,782 from August to September, according to liv.rent’s recently-published September 2021 Vancouver Rent Report. That’s a difference of $63 from month-to-month.
“This rise in rent could be due to increased demand at the start of a new school year, so we are interested to see where rental rates will be in October to see if this month is an outlier or the start of a new trend,” noted the report.
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On average, liv.rent stated that unfurnished one-bedrooms are more than $1,700 in most places, with the expectation of Coquitlam and New Westminster, where prices are listed at $1,670. You can also save your pennies in Surrey, where you can score an unfurnished one-bedroom unit for an average price of $1,390. If you’re looking to splurge on a one-bedroom rental in downtown Vancouver, you can expect to pay $2,432 for a furnished home, or save a few dollars at an unfurnished unit now priced at $2,314.
When comparing rents from August to September, one-bedroom unfurnished rentals in South Vancouver, New Westminster and downtown Vancouver grew by 7.91 per cent, 11.48 per cent and 12.31 per cent, respectively. Meanwhile, furnished one-bedroom rentals in the same locations reported a decline of 3.6 per cent and 5.3 per cent, with the exception of downtown Vancouver, where prices grew 5.97 per cent month-to-month.
While rates for unfurnished one-bedrooms in West Vancouver dropped considerably (12.69 per cent), the cost of a furnished rental rose by 8.76 per cent monthly in the community.
As of September, the least expensive place to rent in Vancouver on a square footage basis is Surrey and Richmond, where the average rent per square foot is now $1.99 and $2.15. Those looking to lease in downtown Vancouver will pay the highest rates of $3.10 per square foot.
British Columbia ranks as the most expensive place for unfurnished one-bedroom units in the country. The average price of such a unit is now worth $1,782, slightly higher than Toronto, where unfurnished one-bedroom rentals cost $1,700 a month. Victoria follows closely behind in third place at $1,695.