Rent rising 12% on average in Vancouver as August ends

New renters report from Liv.rent focused on the Vancouver area shows that rental prices have climbed around 12 percent since the last report at the end of July.

This boosts the prices up around $63 from $1,719 to $1,782 on average.

One of the more interesting facts that the report uncovered is that unfurnished apartments sell for even more than furnished units, at least downtown.

Other sections of the greater Vancouver area don’t follow this trend as closely, but it’s interesting to see nonetheless. On average, a furnished apartment is going for $1,843, an unfurnished is $1,704.

The report also clarified that the tenets screened for this report spend roughly 36.6% of their monthly take-home on rent. A little more than the recommended 30% that most people aim for. This makes sense since the largest renter demographic is actually people under the age of 25 (40%). Younger people generally need to spend more on rent to live close to work even though they might be in more entry-level positions with lower salaries but the potential to grow. The second-largest renter demo is 25-34 year olds (37%).

Finally, the report claims that Vancouver’s cheapest place to get rent is actually in the Surry area. The most expensive, unsurprisingly, is downtown.

Source: Liv.rent

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