Did your budget and figured out you’re going to be renting in Vancouver a little longer? If you actually manage to find a new place, the newest CMHC rental survey shows that you’ll likely be paying much more than last year. Soaring real estate prices, and scarce rental inventory helped drive the median rental price of one bedrooms higher. Here’s the best, and worst metrics for the rental market.
Median Rent In Vancouver
Rent for a one bedroom had a pretty steep one year climb. Survey data shows the median rent rose 7.43% to $1,085 per month. To get an idea of how steep that is, Toronto’s median rents climbed at half that rate. Early wage surveys in BC also show that income optimistically grew at only 4%. If the median rent is increasing almost twice as fast as the median income, we could have a problem.
Highest Median Rents In Vancouver
The highest median rents were all observed in the city’s west end. West Vancouver saw a median rent of $1,500 per month for a one-bedroom unit. English Bay came in just behind that number, setting renters back a median of $1,446. The heavily densified Downtown Vancouver came in third, at $1,400. It’s interesting to see that one of the densest areas in the city, ended up on the bottom of the list for affordability.
Lowest Median Rents In Vancouver
On the flip side, there were only two neighbourhoods that came in with a median rent under $1000 per month. Marpole saw the median price of a one bedroom come in at $910. The quickly gentrifying East Hastings, came in just a touch higher at $970. In case you didn’t notice, both neighbourhoods are on the East end of the city, so if you’re looking for affordability – venture East.
Highest Increases In Vancouver Rents
Neighbourhoods with the highest increases in rents were also the city’s most expensive. English Bay saw the highest increase, with rents soaring 11.23% to $1,446 per month. Not far behind was Kitsilano/Point Grey neighbourhoods, where the $1,295 median price point is a 10.21% increase from the same time last year.
Lowest Increases In Vancouver Rents
The lowest increases were still almost as high as the median increase in Toronto. Marpole makes the list once again, where the median price of $910 rose 3.41% higher from last year. The Mount Pleasant/Renfrew Heights neighbourhoods came in second for lowest increases, with the median rent rising 4.32% to $1,038. Low being a relative term here.
Again, Vancouver is pretty scarce on inventory – which could continue to drive rents higher. High rents combined with stagnant wage growth will certainly put pressure on the average Vancouverite. Hopefully the vacancy tax that goes into effect soon will help free up secondary market units, which should relax pressure on purpose built rentals.
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