A two-bedroom unit at Charlton Park in Surrey at 10180 153 Street in Surrey can be rented for $1

Rents, vacancy rates edge up in Lower Mainland

Average Metro Vancouver two-bedroom now costs $1,181

Rents edged up 2.6 per cent in Metro Vancouver over the past year, according to the Canada Mortgage and Housing Corp.

The average rent for a two-bedroom apartment climbed to $1,181 in April, up from $1,150 a year before.

Further east in the Fraser Valley, Abbotsford-area rents climbed 1.9 per cent from $783 to $797.

The provincial average rose 2.1 per cent from $983 to $1,015, CMHC reported.

While prices are up slightly, the latest rental market survey found it’s somewhat easier to find a unit.

Vacancy rates in Metro Vancouver increased from 2.2 to 2.8 per cent and from 3.1 to 3.7 per cent province wide. There was no change in 6.6 per cent vacancy rate in Abbotsford.

CMHC economist Carol Frketich said the rental unit supply rose as tenants in purpose-built apartment buildings bought their own homes or moved into secondary suites or investor-owned condos not covered under the survey.

 

Not your average rental. This 3,000-square-foot three-bedroom penthouse at Cinque Terre on Vancouver’s Beach Avenue rents for $19,500 (per month) and features private elevator and expansive rooftop terrace.