Average rents in Vancouver decrease for 16th straight month to $2,821; report

Despite remaining one of the most expensive cities across Canada for rent, Vancouver is following the downward trend across the country.

Monthly data provided by Rentals.ca and Urbanation says rent in the city was down 6.3 per cent last month compared with March 2024. Rents fell for the 16th consecutive month, hitting a 35-month low at $2,821.

Those looking to sign a lease for a one-bedroom in Vancouver can expect to pay approximately $2,531. In North Vancouver that number rises to $2,667.

Vancouver prices are falling faster than the Canadian average. Across the country rent was down 2.8 per cent compared with March 2024.

Urbanation president Shaun Hildebrand says renters were more active in March than they’d been in recent months, likely thanks to improvements in affordability, but “rents are likely to continue facing downward pressure in the near-term” as the economy faces challenges from the U.S.-Canada trade war.

The report says average asking rents in Canada are still 17.8 per cent higher than they were five years ago when the COVID-19 pandemic hit in March 2020.

Purpose-built apartment asking rents declined 1.5 per cent from a year ago to an average of $2,086, while asking rents for condominium apartments fell 3.8 per cent to $2,232.

– with files from The Canadian press