As the winter season sets in, the demand for rentals has started to decrease, and the average monthly rent has dropped after six consecutive months of increases. The Metro Vancouver Rent Report for October 2023 reveals a dynamic rental market with varying trends across different cities and types of units.
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 was $2,538. Meanwhile, for a two-bedroom apartment, it was $3,529. The following graphic compares each rental platform's rental averages.
Trends and Insights
On average, tenants residing in Metro Vancouver are currently allocating 51.28% of their monthly earnings towards rental payments.
As of October 2023, Langley, Coquitlam, and Surrey are the cities where you can find the most affordable options per square foot. On the other hand, New Westminster, Vancouver, and Burnaby are at the top of the list of the most expensive cities in terms of space.
Active listings in LivRent data reveal that apartments dominate the market, representing 77.41% of available rental listings. Partial houses, such as basement suites, are the second most common rental type, making up 12.04% of the listings.
Regarding bedroom count, two-bedroom units take the lead with 46.35% of listings, while one-bedroom units still represent a substantial 39.13% of all active listings.
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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