After recording a notable spike last month, average rental prices in Vancouver have held on according to new regional insights published recently by liv.rent.
In its October 2021 report, the rental listings website noted that unfurnished one-bedroom prices have levelled off. Between August and September, average rental prices jumped from $1,719 to $1,782, a difference of $63. This month, from September to October, unfurnished one-bedroom prices crept up by a mere $3 to $1,785.
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“Prices have stayed nearly identical, which may signal a new baseline for the area,” explained the report. “We’d previously guessed that the sudden jump in price was due to the usual back-to-school renting frenzy, but we’ll now have to see how this plays out over the remainder of 2021.”
From September to October, rental prices have remained consistently stable across Metro Vancouver as opposed to the numerous price fluctuations recorded last month.
In West Vancouver, prices for unfurnished one-bedroom rentals grew by 14.53 per cent monthly, while values for furnished units in the same area dropped by 8.06 per cent month-to-month. The cost of a one-bedroom furnished rental in South Vancouver went up by 5.6 per cent monthly. Prices for both unfurnished and furnished one-bedroom properties in Downtown Vancouver dropped by nearly identical amounts of 2.45 per cent and 2.52 per cent monthly.
On average, rent across Metro Vancouver is $2.57 per square foot, a little higher than Toronto at $2.20 per square foot. If you’re looking to save, Coquitlam and Surrey are currently the cheapest places to rent at the current rate of $1.91 and $1.94 per square foot. Downtown Vancouver has held onto its rank as the priciest place across the region, where the average price per square foot will cost you an average of $3.51.
One-bedroom furnished rentals in Metro Vancouver currently average $1,957 a month, a $172 difference from their unfurnished counterparts at $1,785. In some neighbourhoods and for some listing types, the cost of furnished units is less than unfurnished units, liv.rent explains.
“This trend has been happening for several months now in Toronto and we could be seeing a similar trend starting here too,” said the report.
If you’re looking for a one-bedroom rental, your cheapest options for an unfurnished or furnished home can be found in Surrey at $1,377 and $1,589 a month. Similarly, two-bedroom rentals are cheapest in Surrey ($1,824 for unfurnished) and Coquitlam ($1,692 for furnished). The least expensive three-bedroom rental listings will cost you $2,384 for unfurnished and $2,090 for furnished properties in Surrey.
British Columba is still the most expensive place to rent an unfurnished one-bedroom unit, according to liv.rent. Out of all of the cities in Canada, Vancouver takes the title of first place, where one-bedroom unfurnished rentals average $1,785, followed by Toronto ($1,693) and Victoria ($1,675).