Metro Vancouver renters are spending nearly 40% of their monthly income on rent

According to the latest rental data from liv.rent, on average, Vancouver renters are spending an absurd amount of their monthly income on rent.

If you were hoping for some relief this month regarding renting in Vancouver, there isn’t much good news regarding average prices.

Liv.rent’s latest report showed September saw a considerable increase in average rent prices across Metro Vancouver.

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Average rent prices for unfurnished, one-bedroom units in Metro Vancouver climbed $71 in September, leading to a new yearly high of $2,247 a month.

Liv.rent states further that all four of Canada’s most expensive cities to rent are in Metro Vancouver, as Richmond has replaced Toronto on liv.rent’s list this month.

Because of how thinly stretched Vancouver has become for units, people are expanding their search to other areas, like Richmond, Coquitlam, and Surrey. The four most expensive cities in Canada are West Vancouver, Vancouver, North Vancouver, and Richmond.

liv.rent

Another staggering tidbit revealed by liv.rent is the fact that the average percentage of monthly income people are spending on rent has increased. In August, Metro Vancouver renters were spending approximately 33.90% of their monthly income on rent. In September, that increased to 39.52%.

liv.rent

After a slight dip in the trend of increasing average rent prices in July, rental rates have steadily been climbing.

liv.rent

There is some good news in liv.rent’s report. Over the next few months, activity in the rental market is expected to slow down gradually, leading to more units and hopefully lower prices.

Do you know how much of your monthly income goes to paying rent in Metro Vancouver? Let us know in the comments.