Low inventory, high demand: Rental prices continue to climb in Metro Vancouver
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.
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“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.
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:
liv.rent