Insights & Research

Metro Vancouver Residential Rental Report - Q4 2023

This Insights highlights the diverse and dynamic nature of the rental market in Metro Vancouver, characterized by varying rental rates across municipalities, a notable shift towards furnished rentals, and an increasing financial burden on renters.

Rental Prices and Trends:

  • Average rent for an unfurnished one-bedroom unit decreased by $21 to $2,341 in December 2023, marking a decline for the third consecutive month. However, compared to December 2022, the rate has increased by $114​​.
  • Vancouver remains the most expensive city, with an average rent of $2,659/month for an unfurnished one-bedroom unit. Dunbar-Arbutus, a Vancouver neighbourhood, reported the highest average rent at $3,514 for a similar unit​​.
  • Notably, furnished one-bedroom units are, on average, $264 more expensive than unfurnished ones, indicating a premium for furnished rentals​​.

Variations Across Municipalities:

  • West Vancouver and Surrey saw notable month-to-month declines in rent prices for one-bedroom unfurnished units, while Richmond and Coquitlam experienced slight increases​​.
  • The most expensive area for square footage was Vancouver, followed by Burnaby and New Westminster. Conversely, the least expensive areas were Langley, Surrey, and Coquitlam​​.

Housing Stock and Vacancy:

  • The primary rental market saw substantial variations in median market rents across the region in 2022, with Electoral Area A, West Vancouver, and the District of North Vancouver having the highest median rents​​.
  • The secondary rental market, comprising rented condominiums, showed significant growth, with 87,632 rental condominiums in 2022 compared to 120,472 purpose-built rental apartments.

Renters' Financial Burden:

  • Renters in Vancouver are paying, on average, 37.79% of their income towards rent, which is higher than the traditionally recommended limit of 30%​​.

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