Some Metro Vancouver cities are seeing 'big leaps' in cost to rent
A new rental report shows a large gap in the average cost of rent between certain types of rental properties in Metro Vancouver.
Liv.rent has put out its monthly rental report, and for April, furnished rentals saw what the rental platform calls a “big leap” in cost.
A separate finding in the report shows that one Metro Vancouver city, in particular, is seeing a bit of a spike in cost. It is a city that a previous report suggested was becoming a hotspot for renters. That city is Coquitlam, and it’s the fifth most expensive place to rent in all of Canada, according to liv.rent’s report
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The big takeaway from liv.rent’s April report is the large cost gap between furnished and unfurnished rentals. In last month’s report, the gap was only $47. The April report shows that furnished units are $213 higher than unfurnished units.
“In Metro Vancouver, the average rent for a furnished one-bedroom is now $2,491,” liv.rent says.
Metro Vancouver cities now claim the top five spots for the most expensive places to rent in Canada.
“Coquitlam knocks Markham off the list, joining West Vancouver, North Vancouver, Vancouver, and Richmond at the top.”
The April report brings good news if you’re searching for an unfurnished unit, as Vancouver, Surrey, Langley, and North Vancouver saw price drops. However, those same cities saw price hikes for furnished units.
As you can see below, furnished units trump unfurnished units in cost in every Metro Vancouver city.
Average rent for unfurnished units in Metro Vancouver
liv.rent
Average rent for furnished units in Metro Vancouver
liv.rent
Liv.rent also examines the cost of renting in specific neighbourhoods. For the April report, downtown Vancouver was the most expensive neighbourhood to rent, followed by West Point Grey/UBC and Mount Pleasant.
For property types, apartments represent just over 70 per cent of the market according to liv.rent’s platform.
When searching for a rental, are you ever actively searching for a furnished suite? Let us know in the comments.