Metro Vancouver's average rental prices are increasing slightly as the summer season be. Metro Vancouver’s rental prices have risen slightly, bouncing back above Aprils price levels.
Let's break it down in this May 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 $2,518. Meanwhile, for a two-bedroom apartment, it was $3,307.
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.
Rent per Square Foot
For those looking for cost-effective rentals, Surrey and Richmond currently offer the most affordable options per square foot. In contrast, Vancouver and Burnaby ranked as the priciest cities for space.
Property Type Distribution
Apartments remain dominant but have seen a slight decline. Two bedroom apartments represent almost half of the market with 43.2% followed closely by one bedroom apartments at 45.7%. Only 11% of all listings were 3 bedroom apartments.
The Bank of Canada has lowered its key interest rate to 4.75 per cent, marking the bank's first rate cut since March 2020. You can read more from our article here. This move, albeit small, suggests a shift in strategy with more rate cuts potentially on the horizon. In April, inflation dipped to 2.7 percent from 2.9 percent in the previous month, reinforcing this adjustment in policy direction.
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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