Rental Trend – Average Rent Lowered in Greater Vancouver
According to a recent rent report from PadMapper, Vancouver's 1-bedroom apartment has dropped 5.9%, and 2-bedroom apartment has fallen 10.3% during the past 12 months.
The City of Vancouver experienced another month of rent decline. For the month of June 2020:
- One-bedroom apartment dropped 1.4% to an average of $2070/month
- Two-bedroom apartment dropped 4.3% to an average of $2870/month
Factors that Contributed to the Rent Drop
- Work-from-home trend allows more tenants to seek for less expensive rental options in satellite cities.
- Slower rental demand as the numbers of new immigrants and international students arrived are below regular intake.
- Social and economic impacts of COVID-19 remain brittle. This pandemic shock wave caused increase on vacancies rate and decrease on rental price.