Low inventory, high demand: Rental prices continue to climb in Metro Vancouver

Feb 2 2022, 12:39 am

If early 2022 is any indicator of Vancouver rental prices, it’s going to be an expensive year for renters.

According to Vancouver-based rental platform liv.rent, the continual climb of average rental prices has been due mainly to supply and demand.

“Low inventory coupled with high demand continue to push prices up, making it challenging for renters to find affordable places to rent,” said liv.rent’s rental expert Paula Azevedo.

“We’re mainly seeing demand from new immigrants and people relocating from other provinces,” she said.

Now, the most expensive place to rent in the region is West Vancouver where an unfurnished, one-bedroom is going for $2,212 per month on average.

rent

liv.rent

According to Azevedo, families are the ones looking for homes right now while student demand for housing has dropped off.

Now, liv.rent reports that Vancouver renters on their platform are typically spending an average of more than 40% of their income on rent.

The average price for an unfurnished, one-bedroom unit across Metro Vancouver is $1,840 in February 2022. Here’s what it looks like in each Metro Vancouver municipality:

rent

liv.rent

According to Azevedo, the low inventory and high demand situation is primarily concentrated in Vancouver, specifically Downtown, the West End, Yaletown, and Kitsilano.
But Burnaby is also experiencing the same crunch in Metrotown and Brentwood. Also, Azevedo says that Surrey is slowly getting rented out, too. “We’ve been seeing more inquiries for Surrey listings,” she said.
If you were thinking of moving further away from the centre of Vancouver to save on rent, right now the cheapest neighbourhood looks like Langley.
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