Average rent prices in Metro Vancouver dropped in July 2024 after consecutive increases. The average rent price for an unfurnished, one-bedroom unit in Metro Vancouver is $2,827 and the average rent per square foot is $3.2.
Let's break it down in this July 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 $2,827 Meanwhile, for a two-bedroom apartment, it was $3,476.
Month-to-Month Changes
Liv.rent has reported Metro Vancouver has seen a decline in the average rent for a one-bedroom unfurnished unit compared to last year, marking the first such decrease since 2021. In July 2023, the rental rate for an unfurnished one-bedroom in Metro Vancouver decreased by $20, from $2,381 per month to $2,361. The last time Metro Vancouver experienced a year-over-year drop in the average rent for an unfurnished one-bedroom unit was back in March 2021.

Rent per Square Foot
For those looking for cost-effective rentals, Langley, New West, 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
Income-to-rent ratio According to our latest data from liv.rent, renters in Vancouver are allocating an average of 43.76% of their income towards rent, significantly exceeding the recommended budget of 30%. This suggests that many renters in Metro Vancouver are spending a substantial portion of their income on rent, highlighting the challenges in affordable housing within the city.
Renter demographics
On liv.rent, our user demographics are evenly distributed across various age groups. Although a significant portion falls within the 25-34 age range, there is also notable representation from renters under 25 and those over 35 years old.
In July, liv.rent featured pet-friendly options in 53.00% of its listings.
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