Vancouver rent hits all-time high with $2,700 average for 1 bedroom

3 years ago by Boris Mann to c/vancouver

According to the latest Canadian Rental Report from Zumper, the median rental price has hit an all-time high in the city.

It says a one-bedroom rental in Vancouver will now set you back $2,700 per month — an increase of about 20.5 per cent year over year.

Zumper says compared to last month, rents in June have risen almost four per cent.

Lots more info in the Zumper report.

festus 4 points 3 years ago

Does anyone know if people are actually paying these rents or if these are the listings of desperate investors wanting a renter to cover their whole mortgage payment?

As an aside, shout-out to my landlord who's never once raised my rent in the 4 years I've lived here (thanks Chris!)

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boris 2 points 3 years ago

Yes, these are real rents, paid by real renters. I have rent from 13 years ago, plus about 10 years of annual 2% increases. The pandemic made my landlord forget about rent increases or something.

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festus 2 points 3 years ago

Well I'm asking because the report specifies that they only get the data from rental listings, so if a lot of landlords are setting rents to ridiculous levels expecting a tenant to pay it (and tenants aren't paying it), the report will still show an increase.

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boris 3 points 3 years ago

You’d have to dig into the report to check the methodology but anecdotally I know friends who have moved here recently and pay rents in this range.

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festus 2 points 3 years ago

Thanks. Damn then, looks like these prices will stick.

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boris 3 points 3 years ago

Go (Metro) Vancouver! Burnaby next door is #3, so we've got both Gold and Bronze!