It’s no secret that renting in Metro Vancouver isn’t cheap by any stretch of the imagination. A new report released by liv.rent shows just how much of their monthly income local residents spend on rent.
The October 2023 Metro Vancouver Rent Report shared by liv.rent shows that on average, Metro Vancouver renters are now spending 51.75% of their monthly income on rent. This is true even as the average monthly rent price for an unfurnished, one-bedroom unit fell by $32 after six consecutive month-to-month increases.
RELATED: BC caps allowable rent increase at 3.5% for 2024
However, compared to October 2022, the region’s average monthly rent price has increased by $150.
Rent prices for an unfurnished, one-bedroom unit fell in West Vancouver (-7.83%), Burnaby (-3.52%), and Richmond (-3.24%) this month.
On the other hand, New Westminster (+4.05%), Surrey (+1.94%) and Vancouver (+1.05%) saw rent prices go up this month. In particular, New Westminster saw the largest month-to-month increase (17.15%).
The average monthly rent price for a one-bedroom, unfurnished unit in Metro Vancouver dropped to $2,406 this month.