The average price of a rental property in Metro Vancouver has continued to gradually increase following a major late-summer boost in rates.
In its November 2021 Vancouver Rent Report, liv.rent stated the price of an unfurnished one-bedroom rental had risen to $1,791 in November, up $6 from October’s average price of $1,785. This increase follows a significant jump up in prices that occurred between August and September, when the same bedroom type grew by $63 from $1,719 to $1,782.
Across the region, notable price shifts were recorded outside of the downtown Vancouver area between October and November.
“Rental prices across Metro Vancouver from October 2021 to November 2021 saw some significant fluctuations — particularly in areas outside of Downtown Vancouver,” said the report. “Furnished rentals saw the majority of price action this month, while [un]furnished units were comparatively stable.”
In downtown Vancouver, one-bedroom unfurnished rentals dropped 5.8 per cent in price while their furnished counterparts rose 5.09 per cent in value. Large price changes were noted in Coquitlam, where the price of a furnished one-bedroom unit fell 21.56 per cent as unfurnished listings dipped by only 0.4 per cent.
South Vancouver, Burnaby and Richmond saw the value for furnished one-bedroom rentals climb 12.87 per cent, 9.98 per cent and 14.69 per cent last month, respectively. Meanwhile, one-bedroom unfurnished properties in Surrey and West Vancouver were up 12.51 per cent and 12.79 per cent during the same time period.
Downtown Vancouver continues to be the most expensive place to rent in the Metro, where the average rent per square foot (RPSF) is $3.51. If you’re looking to save, the average RPSF is cheapest in Surrey ($1.94) and Coquitlam ($1.91). On average, renters will pay $2.58 per square foot across Metro Vancouver.
The divide between furnished and unfurnished rental units has widened. Now, the price of a one-bedroom furnished rental in Metro Vancouver is priced at $2,000, $209 more than an unfurnished one-bedroom rental at $1,791.
“This trend has been happening for several months now in Toronto and Vancouver seems to be maintaining a similar pattern,” said the report.
On average, liv.rent reported that unfurnished one-bedrooms were more than $1,700 in all communities with the exception of Surrey, Coquitlam and New Westminster, where listings averaged $1,564, $1,663 and $1,638. Coquitlam had the cheapest unfurnished two-bedroom average of $1,921 while Surrey had the least expensive unfurnished three-bedroom rentals, priced at $2,292.
When it comes to furnished listings, Coquitlam had the cheapest options for one-, two- and three-bedroom property types at $1,578, $1,760 and $2,700.
Vancouver still ranked as the most expensive rental city in Canada for unfurnished one-bedroom units last month, followed closely by Toronto ($1,735), Victoria ($1,650) and Ottawa ($1,600).
