We’ve seen many consistent months of rent drops across Metro Vancouver, and August was no different, according to liv.rent.
In August, Metro Vancouver saw major year-over-year average rent declines, which impacted both furnished and unfurnished one-bedroom suites.
If you are looking for a place to rent this month, you might find a killer deal in Langley, which experienced the largest decline among all Metro Vancouver municipalities.
Rent for an unfurnished one-bedroom unit in Langley fell by 13.1 per cent compared to last year. West Vancouver, Surrey, and Burnaby also saw double-digit drops of 12.5, 11.2 and 10.6 per cent, respectively.
In January, the average rent for a one-bedroom unit in Langley was $2,083, which fell to $1,796 in August on liv.rent’s platform.
Between March of this year and August, the rental trend graph speaks for itself.
liv.rent
Despite the huge year-over-year drop, Langley saw a slight uptick compared to the average rent in the city last month for furnished units.
“Several cities saw notable changes in average rent prices this month. Looking at one-bedroom furnished units, Surrey (-5.07 per cent), West Vancouver (-3.61 per cent), and North Vancouver (-2.98 per cent) saw the biggest month-to-month decrease, while Langley (1.08 per cent), Burnaby (0.86 per cent), and New Westminster (0.17 per cent) were the only three cities that saw a minor month-to-month increase,” liv.rent says.
For unfurnished units, Langley saw a 7.11 per cent drop compared to last month. New West also saw a pretty steep drop of 6.03 per cent compared to July. Of all cities, North Vancouver saw the biggest increase in the average rent for a one-bedroom unfurnished unit (2.17 per cent) compared to last month.
The most expensive place to rent an unfurnished one-bedroom unit this month, according to liv.rent, is West Vancouver, where the average rent reached $2,648. On the other extreme, the cheapest place to rent is Langley ($1,796).
Nationally, the four most expensive cities to rent in are all in B.C., with Markham, Ont., taking the fifth spot.
liv.rent
Liv.rent offers some demographics for users of its rental platform, suggesting that a majority of folks renting are within the ages of 35 to 44 (31 per cent of users) and 25 to 34 (30 per cent of users).