Average rent prices in Metro Vancouver dropped in March 2024 after consecutive increases. The average rent price for an unfurnished, one-bedroom unit in Metro Vancouver is $2,337 and the average rent per square foot is $3.7.
Let's break it down in this March 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 $2,467 Meanwhile, for a two-bedroom apartment, it was $3,490. The following graphic compares each rental platform's rental averages.
Month-to-Month Changes
Liv.rent has reported significant changes in the average rent prices for several cities this month. Langley (+2.50%) and Coquitlam (+2.37%) saw the highest monthly increases among one-bedroom unfurnished units. However, West Vancouver (-4.89%), North Vancouver (-4.48%), Surrey (-4.45%), and Vancouver (-4.20%) all experienced noteworthy monthly decreases.
Rent per Square Foot
For those looking for cost-effective rentals, Richmond, Coquitlam, and Surrey currently offer the most affordable options per square foot. While Vancouver, New Westminster, and Burnaby ranked as the priciest cities for space.
Trends and Insights
According to Liv.Rent, Metro Vancouver renters are spending less of their income on rent (34.38%) compared to last year (38.04%)
Moreover, apartments dominate the rental market, representing 84.4% of active listings, 2-bedroom units take the lead with 47.2% and 1-bedroom units represent 41.7% of all active listings on the market.
If you're considering raising rent, 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 KnowÂ
Considering these average rental rates, you can make more informed decisions about pricing your rental units competitively. 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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