If the start of 2022 is any indicator for rental prices in Vancouver, it will be a costly year for renters.
According to Vancouver-based rental platform liv.rent, the continued rise in average rental prices is primarily driven by supply and demand.
“Low inventory coupled with strong demand continues to push up prices, making it difficult for tenants to find affordable places to rent,” said liv.rent rental expert Paula Azevedo.
“We are seeing demand primarily from new immigrants and people moving from other provinces,” she said.
Now the most expensive place to rent in the area is West Vancouver, where an unfurnished room costs an average of $2,212 per month.
According to Azevedo, it is families who are looking for housing at the moment, while the demand for housing from students has decreased.
Now, liv.rent reports that Vancouver renters on their platform typically spend an average of over 40% of their income on rent.
The average price for an unfurnished one-bedroom unit in Metro Vancouver is $1,840 as of February 2022. Here’s what that looks like in each municipality in Metro Vancouver:
According to Azevedo, the low inventory and high demand are mostly concentrated in Vancouver, particularly downtown, the West End, Yaletown and Kitsilano.
But Burnaby is also experiencing the same crisis in Metrotown and Brentwood. Additionally, Azevedo says Surrey is also slowly being praised. “We’ve seen more applications for entries in Surrey,” she said.
If you were thinking of moving away from downtown Vancouver to save on rent, the cheapest neighborhood currently looks like Langley.