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February 2024 Metro Vancouver Rent Report

Rent prices in Metro Vancouver rose slightly in February, following a decrease from September to December.  The average monthly rent for a one-bedroom unit is $2,355, still below the peak in September.


Rentals Vancouver


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 $2,453 Meanwhile, for a two-bedroom apartment, it was $3,394. The following graphic compares each rental platform's rental averages.


february 2024 average rentals vancouver


Month-to-Month Changes


Analyzing the month-to-month changes in rent prices across Metro Vancouver reveals intriguing shifts. Looking at one-bedroom units, Langley (+6.57%) New Westminster (+10.88%), and Surrey (+3.16%) saw the largest month-to-month increases.

average metro vancouver rental price


Rent per Square Foot


For those looking for cost-effective rentals, are Surrey and Langley, while the most expensive cities for square footage are Vancouver and New Westminster.

average price per sq. ft. rentals vancouver february 2024


Trends and Insights


According to Liv.Rent, apartments dominate the rental market, representing 77% of active listings, 2-bedroom units take the lead with 47.8% and 1-bedroom units represent 40.3% of all active listings on the market.


If you're considering raising rent in the new year, 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 competitively pricing your rental units. 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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