Average rent 'increased greatly' in Metro Vancouver this summer: report
Vancouver-area renters are being asked to pay significantly more in August than those looking for new accommodations in July, a report suggests.
The average monthly rate "skyrocketed" this month, according to a report released last week by rental listing site liv.rent.
Data from the site suggests landlords are looking for $147 more this month than they were when the previous report was released.
Liv.rent says the average price in its listings for unfurnished one-bedroom units "increased greatly" since July.
The trend is not all that surprising, according to the report. Rates are going up across Canada, and demand increases ahead of the fall as students return before lessons begin.
But it's likely frustrating for those in the area who'd been thinking about moving. Liv.rent said it noted a cool-off in prices last month, so the August spike seen in most municipalities is greater than the month-to-month increase would-be renters would normally see.
In July, landlords were asking for an average of $2,029 per month in the region for one-bedroom apartments, down slightly from the $2,056 they were looking for in June. Now, the average rate is up to $2,176, according to the report.
Looking specifically at the city of Vancouver, the average asking rate for August is a lot higher, at $2,498.
That average is for all municipalities the site looked at, but renters in one area are actually paying less. In North Vancouver, the average for unfurnished one-bedrooms dropped nearly four per cent from what landlords were asking for last month.
In Vancouver, the rate is up about three per cent, while renters in Richmond saw the biggest month-over-month increase, at 24.1 per cent.
The site also looked at what landlords of furnished spaces are charging, and found what it described as "more of a mixed bag." Renters in North Vancouver are, on average, paying nearly 16 per cent less, while those in West Vancouver saw a 22.5 per cent dip from July.
Elsewhere, renters are paying more for furnished flats, including in Langley where the month-to-month increase is eight per cent.
Liv.rent's report also looked at how much more expensive it is to rent a place with furniture included and found that, based on its listings, in August it's only $96 per month more to get furnished rental in the region.
The report is based on new listings posted on the site, meaning those who haven't moved for a while are paying less, and landlords using other listings sites may be charging something different.
According to the most recent report on Rentals.ca, the average price for a one-bedroom in Vancouver is now $2,412.
The latest report from Zumper.com, published in mid-July, listed the median – a different metric – at $2,300.
Neither site has posted an August version.
CTVNews.ca Top Stories
CFIA monitoring for avian flu in Canadian dairy cattle after U.S. discoveries
The Canadian Food Inspection Agency is encouraging veterinarians to keep an eye out for signs of avian influenza in dairy cattle following recent discoveries of cases of the disease in U.S. cow herds.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
Vancouver firefighter in rehab at home after losing leg to flesh-eating infection overseas
A family trip took a frightening turn for Christopher Won when he was diagnosed with flesh-eating disease while in Hong Kong and now, after weeks of treatment overseas, the Vancouver firefighter is back home recovering.
WATCH Video shows dramatic police takedown of carjacking suspects chased through parking lot north of Toronto
Police have released video footage of a dramatic takedown of a group of teens wanted in connection with an attempted carjacking in Markham earlier this month.
WHO likely to issue wider alert on contaminated cough syrup
The World Health Organization is likely to issue a wider warning about contaminated Johnson and Johnson-made children's cough syrup found in Nigeria last week, it said in an email.
Advocacy groups speak out against domestic violence comments by Nova Scotia minister
Several Nova Scotia groups that assist women are speaking out against comments on domestic violence by Justice Minister Brad Johns, and at least one is calling for his dismissal.