Rent in Canada’s most expensive city is getting even more pricey in November.
According to a new rent report from liv.rent, after a sharp increase from August to September, Vancouver rent is climbing again and is expected to continue a pattern of slight incline for the duration of 2021.
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Furnished rental rates in particular have surged from October to November according to the liv.rent data.
In some areas, furnished rental rates had fallen lower than unfurnished rental rates in October. This was because there was a larger supply of affordable furnished basement suites in suburban areas of Vancouver.
“Furnished units are mostly used for short-term rentals. However, since the pandemic hit, these same units were forced to switch to long-term rentals, meaning they had to keep the furniture and reduce the prices,” said Paula Azevedo, an expert at Vancouver-based liv.rent.
Now, furnished rental rates have spiked again and the average price for a furnished one-bedroom is over $2,000 per month.
“With rental inventory at its all-time low, furnished and short-term rentals seem to be an attractive option for renters wanting to buy some time to find affordable long-term places,” said Azevedo.
“Additionally, the Canadian border being finally open to international visitors also creates the need for furnished accommodations to better suit short-term visitors, tourists and temporary workers.”
Here’s what the average cost of rent in Metro Vancouver looks like in November 2021 according to liv.rent:
“Some tips for renters at this time would be to look into new buildings getting launched in the city, as those units will likely have incentives available to reduce vacancy rates,” said Azevedo.
“I’d also encourage renters to always wait until November-January as these months historically have lower rates compared to the rest of the year.”