(Realtor.ca)

(Realtor.ca)

Rent dropped to 2019 rates across parts of Metro Vancouver in December: Rentals.ca report

Rent costs have declined since May, a trend expected to continue due in part to the COVID pandemic

Metro Vancouver residents on the hunt for a new apartment last month were offered much cheaper rent than last year, according to a new national survey.

Rentals.ca found the average monthly rent for apartments and condo rentals in Vancouver dropped 6.7 per cent.

“In many markets, rents have dropped to the point where tenants can lease a suite with an additional bedroom for the same rent as they were paying last year,” said Rentals.ca CEO Matt Danison.

For a second year in a row, Vancouver topped the list for having the most expensive average monthly rent out of 34 other Canadian cities.

One-bedroom units are priced at $1,855 per month, down by 4.4 per cent from last year. Two-bedroom units are roughly $2,635 per month, a nine per cent decrease.

Meanwhile, rent costs outside the Vancouver core have declined since May, a trend expected to continue the next four months due to more supply being met with weaker demand, as well as the ongoing pandemic.

Surrey placed 19th for average monthly rent for a one-bedroom unit, at $1,403 per month, but came in 18th for average monthly rent for a two-bedroom, at $1,744.

Richmond finished fifth among other expensive cities, with average monthly rent for a one-bedroom home at $1,730 and $2,082 for the two-bedroom variety.

Burnaby came in eighth for seeing a one-bedroom home listed at an average of $1,676 monthly, and fifth for a two-bedroom kind, at $2,186.

New Westminster came in 14th on the list with a one-bedroom home at $1,511 and a two-bedroom at $1,852.

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

rental marketRentals

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Signs geared to protecting salmon habitat were damaged at the Fraser River near Chilliwack. (Facebook)
New signs for protecting Fraser River habitat near Chilliwack vandalized

Fishery officers want off-road users to enjoy river resource in the ‘least damaging way possible’

Kelli Paddon in her virtual speech to the House of Commons on Tuesday, March 2. (B.C. Legislature)
Chilliwack-Kent MLA thanks Agassiz’s Miel Bernstein in legislature speech

Bernstein is the founder of Project AIM, which gives people in need access to period products

(Black Press file photo)
Harrison Mills boy, 11, dies from ‘extensive injuries’: Homicide team

Agassiz RCMP were called out Friday to assist with a child in medical distress

A real estate sold sign hangs in front of a Canadian property Friday, Nov. 4, 2016. THE CANADIAN PRESS/Graeme Roy.
Fraser Valley Real Estate Board breaks sales records 6 months in a row

‘Levels never seen before in the 100-year history of the FVREB’

Rendering of proposed homeless shelter and supportive housing facility on Rowat Avenue and Trethewey Avenue in Chilliwack. (BC Housing)
Supportive housing and shelter proposed to replace the Portal in Chilliwack

Province looking to fast-track hybrid proposal for 50 supportive homes and 40 shelter spaces

Older rental apartments are prime candidates for renovations, and could result in lost affordable housing stock. (Zoë Ducklow photo)
B.C.’s renoviction overhaul a good start, but won’t preserve affordable stock, lawyer says

And still no protection for people who can’t pay rent due to COVID-19

(Photo by Marissa Baecker/Shoot the Breeze)
B.C. WHL teams to hit the ice with Kelowna, Kamloops hub cities

Kelowna, Kamloops centres chosen to host B.C. WHL teams for 24-game regular season

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A memorial to Hudson Brooks outside the South Surrey RCMP detachment. (File photo)
Surrey officer who fatally shot Hudson Brooks recounts ‘absolutely terrifying’ incident

Const. Elizabeth Cucheran testified at coroner’s inquest Tuesday morning

The machines are akin to ATMs and allow drug users at risk of overdose to get hydromorphone pills dispensed to them after their palm has been scanned to identify its unique vein pattern. (CANADIAN PRESS)
Feds dole out $3.5M for ‘vending machines’ to dispense safer opioids in B.C.

The machines are located in four cities across Canada, including Vancouver and Victoria

Kelowna’s lakefront visitor centre is one of 130 around the province. Tourism businesses have been hardest hit by COVID-19 restrictions on travel. (Destination B.C.)
Tourism, small business getting COVID-19 help, B.C. minister says

$300M grant program has delivered $50 million so far

Most Read