Sign a lease now or pay more later: Vancouver rent projected to climb this year
If you’ve been looking for a sign to finally rent an apartment in Vancouver, this is it. Because the lease you sign now could be a lot more expensive in the coming months.
According to Vancouver-based rental platform liv.rent, average rent prices went up more than $100 between April and May, and they’re not about to get any cheaper.
Rental expert Paula Azevedo told Daily Hive that “BC should be expecting the start of an upward trend in rental prices.”
“We can expect rates to go even higher in the next four to five months,” she said.
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If rental rates are expected to keep climbing until November 2022, then perhaps the sooner the better to sign your lease.
Rental prices in Vancouver
liv.rent
Back in NovemberĀ 2021, the average rental price of a one-bedroom unit in Vancouver $1,791. Today, they’re at $2,016 ā that’s $225 more than just seven months ago.
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For aĀ single person in Vancouver, $2,016 per month in rent is a lot of money for rent, and liv.rent says that on average, renters are spending 38.09% towards putting a roof over their heads.
Plus, the most expensive units in terms of cost per square foot tend to be smaller rentals like studios and one-bedrooms, further exacerbating pressure for people who live alone.
To learn more about the cost of rent in Vancouver in May 2022, you can check out liv.rent’s full report.