Metro Vancouver rents continue to soar to record highs: report
The average rent in Metro Vancouver is continuing to climb in April, inching closer to $2,000 for a one bedroom in the region, according to a new report.
At $1,908, the average is up $52 from last month, and the highest it’s been since the online platform liv.rent began tracking prices three years ago.
“It’s a 12.56 per cent increase from April 2021, which is huge,” says business development manager Paula Azevedo.
Across the region, renters are shelling out 35.64 per cent of their total income on housing.
What renters pay varies by city, with North Vancouver as the priciest option at $2,344 for a one-bedroom and Surrey the least expensive at $1,430.
Langley was the city that saw the biggest jump in prices, with an increase of 24.51 per cent when comparing rates on March 1 to those on April 1. Azevedo says this is mainly due to a spike in demand, and part of a larger trend brought about by the pandemic.
“We actually see various companies making the work from home scenario a reality. A lot of Vancouverites are actually moving away from the big city centers and trying to seek affordable rentals while upgrading to larger units,” she says, adding the volume of new development is also pushing up process. (Missing a word?)
The average one-bedroom in Langley comes in at $1,601 per month, compared to $2,090 in Vancouver. The gap between prices for a three-bedroom is much wider, at $2,656 and $4,028 respectively. Space is at a premium in Vancouver, where the average price per square foot is the highest in the Lower Mainland at $3.30.
Azevedo says demand still outpaces supply, and that she doesn’t anticipate relief for renters any time soon.
“We are expecting a very, very competitive rental market during spring and summer in 2022. Prices are likely set to go even higher,” she says.
“Real estate sales are directly related to real estate rentals. Low inventory on the sales side, which is something that we're seeing in the real estate industry right now, is significantly impacting the rental side as well.”
With the relaxation of travel restrictions, the return of international students, and an anticipated influx of immigration this year, Azevedo says the price of furnished units is also starting to climb.
The combination of high demand and low inventory can make navigating the rental market tricky.
“Renters actually need to be more cautious because we are having a lot of issues with scammers,” she says.
Another pressure on suite-seekers, according to Azevedo, is that there are more and more people trying to distinguish themselves from other potential tenants and gain a competitive advantage.
“Instead of being just the deposit, they try to pay six months in advance or even one year in advance. Also, a lot of people are offering a little bit more than the rent as well.”
The full report is available online.
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