Established Vancouver renters pay a fraction of what those who’ve recently moved do

It’s a bleak picture for Vancouver renters right now, and the latest data from Statistics Canada highlights just how much struggle renters in BC’s biggest city face.

A new report, titled A Tale of Two Renters: Housing Affordability among Recent and Existing Renters in Canada uses 2021 census data to paint a picture of how much more it costs to rent for those who’ve moved into their unit recently.

Vancouver renters who’ve been in their unit for more than a year are, on average, paying just three-quarters of the rent recent renters are. A recent renter is defined as a household that’s moved in within the last year — and therefore paying market rent.

In 2021, recent renters in Vancouver were paying just under $2,000 for a two-bedroom unit. By contrast, renters who’d been there longer were paying less than $1,500.

Statistics Canada

The trend was similar in many Canadian cities, with the largest cost discrepancy existing in Toronto.

The researchers with Statistics Canada pointed out that since the data was gathered in 2021, renting has only become more expensive in big Canadian cities like Vancouver. According to an August report from rentals.ca, the average asking rent for a one-bedroom in Vancouver is now more than $3,000.

Statistics Canada

Downtown dwellers and young people bear the brunt of these unequal renting prices, Statistics Canada says. Young people often move for school or work, and often have no choice but to pay asking rents of units. One-fifth of all downtown core renter households in 2021 were recent renters.

“When young adults, especially those aged 18 to 24, start to rent, they are almost twice as likely to live in unaffordable housing than established renters,” Statistics Canada’s report says.

You might also like:
• Oh my landlord: Average rent for a one-bedroom in Vancouver climbs past $3,000
• The rental price gap between Vancouver and other Canadian cities is growing
• Longtime Vancouver tenant paying $1,060 per month questions family-occupancy eviction

Overall, anyone under 34 is more likely to be living in a recent renter population compared to the general population.

Across Canada, the number of people who rent (+22%) has grown faster than the number of people who own (+8%) over the last decade. Renters are also more than twice as likely to be living in unaffordable housing compared to those who own.

Increasing interest rates have only made homeownership more difficult to attain, and the researchers expect competition for rental housing could become even more intense.

So, as of now, it looks like the only way to an affordable rental is to have signed the lease several years ago. That is, if you don’t get reno-victed or displaced because the landlord wants to move a family member in. May the odds be ever in your favour.