Metro Vancouver rentals see a shift they haven't since 2021: liv.rent

Liv.rent has released its monthly breakdown for the cost to rent across Metro Vancouver, and there are some positive signs in the city for folks hoping for cheaper rentals.

For the first time since 2021, rent this July has fallen year-over-year compared to rent last July, according to the rental report.

Last year, the average rent rate for an unfurnished one-bedroom unit in Metro Vancouver on liv.rent was $2,381. This July, that fell by $20 to $2,361. The last time liv.rent saw this type of year-over-year drop was March 2021.

Liv.rent’s report also reveals some other fascinating insights about rentals around Metro Vancouver.

You might also like:
• Vancouver transformed: How notable intersections have evolved over time
• Stunning BC property for sale offers two homes at surprising price
• BC government to launch tracking website to prevent "bad-faith" evictions

Both West and North Vancouver are more expensive locales than Vancouver to rent in, according to liv.rent.

In July, the average rent for a one-bedroom unfurnished suite in West Vancouver was $2,669 per month. In North Vancouver, it was $2,641, and in Vancouver, it was $2,607.

Burnaby followed closely behind at $2,477 per month, while Richmond saw average rent reach $2,459.

Despite that, Vancouver is still the most expensive place to rent per square foot ($3.97). Burnaby was the second highest in that metric, at $3.62 per square foot.

Liv.rent also had some new findings for the income-to-rent ratio.

Renters who use liv.rent in Vancouver spend, on average, 43.76% of their income on monthly rent.

“This is well above the recommended budget and signals that many Metro Vancouver renters are spending far more than they should on rent,” says liv.rent.

Rentals.ca’s June report also had similar findings, suggesting that the average asking rent for a one-bedroom unit in Vancouver fell by 5.6% year-over-year.