Metro Vancouver residents are spending an absurd amount of income on rent this month, according to liv.rent.
Liv.rent’s April rent report shows that Metro Vancouver residents are spending 61.55% of their income on their monthly housing costs.
“This is over double the recommended 30% rent-to-income ratio and reflects the mismatch between supply and demand for housing in the region.”
According to an analysis of its listings on the rental platform, liv.rent also found that the monthly rent for one-bedroom units increased significantly.
“While unfurnished one-bedroom units notably saw a $39 (+1.68%) increase between March and April, furnished one-bedroom units saw a much more significant rise – increasing by $251 (+10.05%) from month to month,” liv.rent says.
The report also provides some insights into what we may potentially see next month as BC’s short-term regulations come into effect.
“It will be interesting to monitor this trend as new short-term rental regulations come into effect May 1, which should return many former short-term rentals to the long-term market,” the report adds.
While different rental platforms will have different data on the “most expensive” place to rent, liv.rent says that dubious honour goes to West Vancouver.
liv.rent
Liv.rent also says that current pricing trends are following a path similar to last year’s.
“Average rent prices for unfurnished one-bedroom units in Metro Vancouver are following a similar trend to 2023, dipping in March before a substantial increase in April.”
According to liv.rent, if we continue to follow last year’s trend, we could be in for another substantial hike in asking rents this summer.
Do you think things will change significantly when the short-term regulations come into effect on May 1? Additionally, are you one of the Metro Vancouver residents spending an absurd amount of your monthly income on rent? Let us know in the comments.
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