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.

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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.