Vancouver Apartments for Rent: October 2022 Average Prices
Four cities in Metro Vancouver are currently among the top five most expensive cities in Canada.
Metro Vancouverites hoping for respite from soaring rental costs won’t have much luck in October.
With that in mind, rental prices in the area have not increased much this month compared to last year. In fact, an unfurnished one-bedroom apartment costs on average just $9 more in October, at $2,256, according to Liv.rent’s latest rent report. Previously, prices rose $71 in September and $147 in August.
Renters in Metro Vancouver are now spending more than half (51.37%) of their monthly income on rent, which the rental company says is “considerably higher than the recommended 30%”. [per cent] income/rent ratio. »
Now that students have settled into their new rentals and the “hyper-competitive summer months are winding down,” prices are expected to hold steady or start falling through the end of 2022, according to Liv.rent.
Apartments for Rent in Metro Vancouver: Average Rent by Listing Type
West Vancouver continues to have the highest prices in Metro Vancouver, as well as the country. That said, the cost of the average unfurnished one-bedroom unit fell this month, from $3,312 in September to $2,828 this month.
At the other end of the spectrum, Langley saw the area’s lowest rent for the fourth consecutive month for unfurnished and furnished one-bedroom units, at $1,780 and $1,927, respectively.
West Vancouver’s furnished one-bedroom units are actually more affordable than their unfurnished units ($2,400 vs. $2,800). However, the costs for two- and three-bedroom units in the city are staggering, at $4,058 and $6,380, respectively.
Furnished homes in Vancouver were particularly expensive this month, at $3,109 for a one-bedroom unit, $4,779 for a two-bedroom unit and $5,787 for a three-bedroom unit.
Rent in Vancouver by neighborhood in October
Arbutus has overtaken downtown Vancouver to become the city’s most expensive neighborhood, averaging $2,800 for an unfurnished one-bedroom unit. At the other end of the spectrum, the same type of unit costs an average of $2,072 in Vancouver’s cheapest neighborhood, Point Grey/UBC.
This month, no neighborhood in the city costs less than $2,000 to rent. Renfrew, which typically sees an average rental price a few dollars below that price, rose to $2,147 this month.
Across Canada, West Vancouver continues to have the highest average rental prices in the country at $2,828 for the average one-bedroom unfurnished unit. Vancouver follows as the second most expensive market with average prices of $2,589. North Vancouver remained in third place, with an average monthly rent of $2,499. Burnaby rounds out the four most expensive cities, at $2,386.