During November, there was a continued decrease in the average rent prices in Metro Vancouver. This decline is linked to a drop in demand following the bustling summer rental season, leading to the region experiencing its lowest rental rates since June.
Let's break it down...
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 $2,196. Meanwhile, for a two-bedroom apartment, it was $2,892. The following graphic compares each rental platform's rental averages.
Trends and Insights
According to Liv Rent, despite the decline, Vancouver retains its status as the most expensive city to rent in Canada, with an average rent price of $2,659 for an unfurnished one-bedroom unit. Despite a drop in prices, renters in Vancouver allocate an average of 37.79% of their income toward rent.
Analyzing active listings for December 2023 reveals that apartments dominate the market, representing 75.74% of available units. Partial houses, such as basement suites, follow at 13.12%.
For those seeking affordability based on square footage, Langley and Surrey emerged as the least expensive cities in Metro Vancouver. At the same time, Vancouver, Burnaby, and New Westminster ranked as the most expensive.
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.
Get in Touch with us!
Contact Prompton today, your Real Estate and Property Management experts and let us be your investment solution.