This upward trend we’ve been experiencing in rent prices in and around Metro Vancouver is not expected to continue. With the Bank of Canada’s interest rate increases slowing down, rental prices could potentially decrease as well.
Since January 2022, the average rent for an unfurnished, one-bedroom apartment has increased by $430. This is an unprecedented increase for the area and reflects the growing demand for quality rental units. In the current rental market, furnished one-bedroom units are earning more on average than unfurnished units, with the gap between them being considerably wider than in recent trends. This suggests that landlords offering furnished rentals are likely able to charge higher rates due to increased demand for short-term rentals.