Vancouver rent reaches record-breaking highs in June

Signing a new lease is now more expensive than ever.

While the average cost of rent in Vancouver dipped slightly after the start of the COVID-19 pandemic, it’s not only rebounded but it’s gone above and beyond pre-COVID-19 prices.

Now, the average cost of an unfurnished, one-bedroom unit for rent is $2,056 per month.

You might also like:

Rental prices in Vancouver

liv.rent

Local rental platform liv.rent said in a new report that average rent prices went up an additional $40 from May to June. Since January, the average cost of rent in Vancouver has risen by $229.

Rental expert Paula Azevedo told Daily Hive that because “interest rates continue to rise, we’re expecting landlords to relieve that extra cost by increasing the rental rates for new lease agreements.”

“Canada’s inflation rate inches up again, to a new 31-year high of 6.8%, meaning we are expecting all rental prices to keep rising for Vancouver, Toronto, and Montreal.”

liv.rent

Rent in Vancouver is so expensive that getting an unfurnished, one-bedroom unit in Vancouver now costs $719 more on average than the same type of unit in Surrey.

If you want rent relief, you’ll want to look at moving to Surrey, Coquitlam, or New Westminster where rental prices are slightly less punishing than places like Vancouver or Burnaby.

You might also like:

To learn more about the cost of rent in Vancouver in June 2022, you can check out liv.rent’s full report.