January 2024 Metro Vancouver Rent Report

As we usher in the new year, Metro Vancouver's rental market is undergoing shifts and trends that demand attention. Despite a slight increase in average rent prices, the landscape remains dynamic, offering valuable insights for both renters and landlords. Let's delve into the key findings from the January 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 $2,567 Meanwhile, for a two-bedroom apartment, it was $3,354. The following graphic compares each rental platform's rental averages.

Month-to-Month Changes

Analyzing the month-to-month changes in rent prices across Metro Vancouver reveals intriguing shifts. Notable decreases were observed in Langley (-8.66%) and Vancouver (-1.19%), while West Vancouver (+7.88%) and North Vancouver (+4.55%) experienced significant increases in average rent prices.

Rent per Square Foot

For those looking for cost-effective rentals, West Vancouver, Langley, and Surrey emerge as the least expensive cities per square footage. On the other hand, Vancouver, North Vancouver, and Burnaby are the most expensive cities in terms of square footage.

Trends and Insights

Apartments dominate the rental market, representing 78.05% of active listings, followed by partial houses (e.g., basement suites) at 12.21%. Two-bedroom units are the most common, comprising 48.00% of active listings.

This January, unfurnished one-bedroom units are, on average, $121 less expensive than their furnished counterparts. This trend suggests that landlords opting for furnished rentals can generally command higher rent prices.

The average rate for an unfurnished one-bedroom unit in Metro Vancouver has now risen by $110 since January 2023

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 

By considering these average rental rates, you can make more informed decisions about pricing your rental units competitively. It's essential to strike a balance between 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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