For September 2024, the average rent for an unfurnished, one-bedroom unit in Metro Vancouver is $2,624. This represents a slight decrease of $34 from last month.
Let's break it down in this September 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 $2,624. Meanwhile, for a two-bedroom apartment, it was $3,841.
Month-to-Month Changes
In September 2024, rental prices have displayed some surprising trends:
Traditionally, rental prices rise from April to September. This year, however, prices resisted this trend with dips in July and August. The market experienced a sharp decline of compared to September 2023. The City of Vancouver, Surrey, and Richmond all saw decreases in rental prices over the past year.
Rent Per Square Foot
For those seeking more cost-effective rentals, as of August 2024, the most affordable options per square foot are in Surrey, New West, and Langley. Meanwhile, Vancouver and Burnaby remain the priciest cities for rental space.
Trends and Insights
Income-to-Rent Ratio: According to Liv Rent, renters in Vancouver continue to allocate a significant portion of their income towards rent, averaging 43.76%. This exceeds the recommended budget of 30%, highlighting ongoing affordability challenges in the city.
Renter Demographics: Data from liv.rent shows a balanced distribution of renters across various age groups. While the majority fall within the 25-34 range, there is also significant representation from those under 25 and over 35.
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 2025 is 3%. You can find information on when and how to increase rent while ensuring compliance with provincial guidelines by reading our article Understanding the 2025 Maximum allowable rent increase in British Colombia.
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