Vancouver - October Rent Report

oct en

According to Padmapper, October’s rent price stays flat compare to September. However, compare to this time last year, two-bedroom rent in Vancouver is down 15% and one-bedroom has fell 7.8%.

  • Low Rental Demand – COVID-19 is still imposing negative impact on Vancouver’s rental market as the stagnated number of newcomers and international students remain in place.
  • More Competition – More available properties are taking up the rental market. There is an increasing presence of purpose-built rental buildings in the city, plus the imposing of vacancy tax prompts owners to rental out their investment properties

The rental market relies heavily on its supply and demand. The rent price tends to fall when there are more rental supplies than demands. This is what Vancouver’s rental market has been experiencing ever since the beginning of the pandemic.

The level of uncertainties has raised as British Columbia entered the second-wave of COVID-19. We remain cautious yet hopeful and will try our best to navigate the challenges. Stay tuned and stay healthy.