Why it might be the most affordable time to rent in Metro Vancouver
If you’re looking for an affordable place to rent in Metro Vancouver, this might be the best time to get out there and start hunting.
According to a couple of prominent listing agencies—Zumper and Rentals.ca—available listings have been way up since April.
Keaton Bessey, a local broker and property manager, says, “Now is the time” if you’re looking for affordability.
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While affordability is relative, it’s legitimate that available listings are at a high for the year.
Rentals.ca, which includes verified suites, currently has a large selection of one-bedroom units available for under $2,000 per month, which is below the average. The platform lists the average one-bedroom rent in Vancouver at $2,708 per month and $2,500 in Burnaby.
Of course, you get what you pay for. Many are studio units or smaller suites, like this 400 sq ft bachelor suite on Oak Street, which rents for $1,995 per month:
There are some genuinely good-looking deals, though, like this Marpole basement suite:
It’s much the same on Zumper, with many listings for under $2,000.
Bessey says there has been an increase in listings in both Burnaby and Vancouver, up 34% to 41% in both cities since April.
“Homes are taking more price cuts to rent, and they’re taking longer to rent,” Bessey said in an X post.
It also sounds like it won’t last too long, with Bessey stating that he expects this trend to last until the end of the year.
A small window of affordability
Kara Grubis/Shutterstock
According to Rentals.ca, on average, Vancouver and Burnaby are the two most expensive places to rent a one-bedroom in all of Canada, so if you want to live in either of those cities, finding little windows of affordability like the one we currently seem to be in is your best bet for getting into those markets.
In our most recent rent report story, we told you that places like Abbotsford, once considered one of the most affordable places to rent, are now becoming a bit of a hotspot.
Abbotsford saw rentals grow by 6.5% in August. Nanaimo is the only BC city seeing more growth (6.8%) in the rental market.
For Metro Vancouver, rent is down month-over-month for most cities included in the report.
Rentals.ca warns that we could be at the beginning of an upward trend for rental rates in Vancouver, which corroborates Bessey’s suggestion.
If you’re looking for a rental, what has your journey been like? Let us know in the comments, or contact us at [email protected] if you want to share your story.