Here are the highlights of the September 2023 Metro Vancouver Rent Report released by rental listing site liv.rent:
- Coinciding with the busy back-to-school season and continued high demand for rental housing throughout B.C.’s Lower Mainland region, Metro Vancouver’s rent prices have seen another average increase this month. The Bank of Canada also announced on September 6th that it would maintain the target overnight rate, noting that there are promising signs that excess demand is gradually falling as inflation begins to stabilize. While this hasn’t yet had a noticeable impact on the country’s rent prices, it’s possible that the fall and winter see lower rates as demand lessens.
- This September marks the sixth consecutive month-to-month increase in Metro Vancouver’s average rent prices. This month, the average monthly rent price for a one-bedroom, unfurnished unit in Metro Vancouver has risen by $32 to a new average of $2,438.
- Unfurnished one-bedroom units are, on average, just $117 less expensive than furnished units. This indicates that landlords who choose to rent their units furnished will be able to charge slightly more for rent, while also capitalizing on demand for short-term rentals.
- Langley had the least expensive average rent costs for one-bedroom units this April, both furnished and unfurnished.
- West Point Grey/UBC is now Vancouver’s most expensive neighbourhood to rent a one-bedroom, unfurnished unit in, while Hastings-Sunrise is the city’s least expensive neighbourhood.