Average rent in Vancouver reaches $1,791 per month

In November, rent in Canada’s most expensive city will rise even higher. According to a new rent report from liv.rent, Vancouver rent is growing again following a steep increase from August to September, and is predicted to maintain a small ascent for the rest of 2021.

According to liv.rent data, furnished rental rates increased significantly from October to November.

In several places in October, furnished rental rates were cheaper than unfurnished rental rates. This was due to a greater supply of reasonably priced furnished basement units in Vancouver’s suburbs.

“Furnished units are mostly used for short-term rentals. However, since the pandemic hit, these same units were forced to switch to long-term rentals, meaning they had to keep the furniture and reduce the prices,” said Paula Azevedo, an expert at Vancouver-based liv.rent.

“With rental inventory at its all-time low, furnished and short-term rentals seem to be an attractive option for renters wanting to buy some time to find affordable long-term places,” said Azevedo. “Additionally, the Canadian border being finally open to international visitors also creates the need for furnished accommodations to better suit short-term visitors, tourists and temporary workers.”

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