Metro Vancouver apartment prices have remained flat, with a few key outliers, according to a new report.
Liv.rent, a rental platform based in Vancouver, creates monthly rent reports for the region and finds that most areas of Metro Vancouver haven't seen a significant increase in prices.
Following a significant jump in price between August and September, report authors note that prices have started to gradually climb over the last few months. "Renters should expect a similar trend through the remainder of 2021."
Rental prices across Metro Vancouver from October 2021 to November 2021 saw "some significant fluctuations," particularly in areas outside of the downtown core. Furnished rentals saw the majority of price change this month, while unfurnished units were comparatively stable.
"The average price of furnished units in Coquitlam saw a steep -21.56% drop, while unfurnished units in the same city hardly budged (-0.40%). South Vancouver (+12.87%) and Richmond (+14.69) both saw significant gains," explains Liv.rent.
Downtown Vancouver rent has largely held at its current levels, with furnished units adding 5.09 per cent while furnished units fell -5.8 per cent.
Across the country, however, Vancouver remains the most expensive place to rent an apartment in November, with unfurnished one-bedroom apartments renting for an average of a whopping $1,791 and furnished ones costing $2,000.
Toronto is the second most expensive, with unfurnished one-bedrooms costing $1,735. Victoria came third, with one-bedrooms priced at an average of $1,650. Ottawa was the fourth-highest market, with one-bedrooms priced at $1,600.
By municipality, Downtown Vancouver had the highest average rental prices, followed by Kitsilano and Fairview. Mount Pleasant came fourth, with Renfrew rounding out the top five.