Average Vancouver rental price breaks $2,300 for a one-bedroom apartment
The British Columbia city tops the list of most expensive places to rent for the second month in a row.
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Metro Vancouver rents rose again in November, with the average monthly rent for a one-bedroom apartment topping $2,300. renta digital rental platform.
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Prices mark another peak in Metro Vancouver rents this year, with some municipalities recording even higher rents.
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Rent jumped 10% in North Vancouver, the biggest increase of any metro municipality. Rents in North Vancouver have been rising almost every month this year, according to liv.rent data.
According to liv.rent, North Vancouver was Canada’s most expensive city in November, with average prices for one-bedroom units surpassing $2,700.
Ben Myers, president of Bullpen Research & Consulting, said in an October press release, “Rental demand has increased significantly due to continued interest rate rises, falling home prices and post-pandemic shifts in taste.
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The trend he argued continued through November.
Tenants in Richmond, Langley and Coquitlam were also subject to significant rent increases in November. West Vancouver and Surrey are the only two cities where rents have fallen, and his two cities are the only BC cities where rents have fallen.
Rents are rising steadily across the country as interest rates continue to rise by the Bank of Canada and low vacancy rates in central metro areas continue.
Rental prices typically fall with demand from November to February. Analysts at liv.rentals noted that they expect “prices will remain relatively high over the winter” due to high interest rates and low vacancy rates.
Vancouver continues to be the most expensive subway municipality for renters based on the amount of space you get for $1 rent.
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In November, Vancouver’s average cost per square foot was $3.81, followed by Burnaby at $3.51 and Coquitlam at $2.76.
The best value for space in Metro Vancouver was Richmond at $2.20 per square foot.
Information for liv.data’s monthly reports is collected from rental listings posted on Craigslist, Kijiji, Zumper, PadMapper, and Realtor.ca, and liv.rental listings. Excludes properties over $5,000 per month and private or shared accommodations. Only current suggested rental prices are included in the analysis.
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ngriffiths@postmedia.com
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Average Vancouver rental price breaks $2,300 for a one-bedroom apartment
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