One-bedroom rent in Vancouver reaches "all-time high"
If the eye-watering price of rent in Vancouver seems more expensive than usual, your instincts are right. In fact, it’s never been so pricey to rent a one-bedroom apartment in the city, according to the latest rent reports.
Zumper’s latest Canadian National Rent Report, which analyzes hundreds of thousands of listings to look at median rent prices, highlights that in Vancouver, one-bedroom rent grew 3.8% in the last month.
That brings the median rent in Vancouver to an all-time high of $2,700. “On year-over-year terms, that $2,700 number reflects a 20.5% growth rate,” said Zumper’s Crystal Chen. According to Zumper, high demand is to blame for the high prices.
“Canada’s demand for rentals is considerable with five million renters competing for two million purpose-built units, which is putting significant upward pressure on rent prices,” said Chen.
Across Metro Vancouver as a whole, the average cost of rent for an unfurnished one-bedroom unit is $2,330, according to liv.rent, which manually collects and aggregates asking rental price data in the region. In the last six months, that price has grown. It’s wild to think that back in January 2022, the average rent was below $2,000!
liv.rent
One-bedroom apartments are slightly less common in the rental market than two-bedroom units in Metro Vancouver, too. According to liv.rent, around 38% of active listings in the rental market are one-bedrooms while 49% are two-bedrooms.
liv.rent
All this considered, it’s no surprise that Vancouver continues to be the most expensive city for renters in the country.
liv.rent
However, compared globally, remember that according to one report, living in Vancouver’s practically a bargain considering the prices in Zurich and Hong Kong.
How much are you paying for rent in Vancouver?
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