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May 2024 Metro Vancouver Rent Report

Metro Vancouver's average rental prices are slowing down as the bustling summer renting season approaches. In May, there was a slight decrease in prices, bringing them back to the levels seen in January.

Let's break it down in this May 2024 Metro Vancouver rent report.

Rentals Vancouver  april 2024

Metro Vancouver Rental Averages

According to the data collected from Prompton, LivRent, Zumper,, and Craigslist, the average monthly rent for a one-bedroom unfurnished apartment in Metro Vancouver was $2,490. Meanwhile, for a two-bedroom apartment, it was $3,307. The following graphic compares each rental platform's rental averages.

march 2024 average rentals vancouver

Average Metro Vancouver Rental Price per Neighbourhood

The average rental rates for 1 and 2-bedroom apartments in Vancouver, Richmond, and Burnaby are higher compared to Langley and Surrey. See the chart below for details.

average metro vancouver rental price march 2024

Rent per Square Foot

For those looking for cost-effective rentals, Surrey and Langley currently offer the most affordable options per square foot. In contrast, Vancouver and Burnaby ranked as the priciest cities for space.

average price per sq. ft. rentals vancouver march 2024

Property Type Distribution

There's a notable shift in the composition of rental properties in Metro Vancouver. One-bedroom and ‘Partial house’ units are gaining traction, representing 43.86% and 16.11% of all active listings, respectively. Apartments remain dominant but have seen a slight decline, now comprising 73.70% of active listings compared to 85.12% last year.

If you're a landlord 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 Know 

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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