Renters in Vancouver are paying an insane amount of their monthly income for rent, According to a new rental data report from liv.rent
If you were hoping for a decrease in rents this month so you can move in to a bigger place to start your own family, move out of your parents or even just got sick of shared accommodations and want your own place you’re going to be disappointed.
The report found renters are spending on average a staggering 39.52% of their monthly income on rent in September. While traditional financial advice suggests that you spend no more than 30% of your income on rent.
The latest September renter report from liv.rent, revealed there has been a large increase to the average rent prices across the Metro Vancouver area.
For a one bedroom unfurnished place to rent it went up $71, making rent prices spike to a new yearly high of $2,247 a month.
Liv.rent states Canada’s most expensive cities to live in are all located in Metro Vancouver, as Richmond over takes Toronto.
West Vancouver tops the chart of most expensive cities in Canada for renting a one bedroom unfurnished place with an average of $3,312, then Vancouver in second $2,656, followed in third by North Vancouver $2,486, and in fourth Richmond $2,151.
With very little vacancy’s in Vancouver, renters are spilling over in to the surrounding cities driving up demand for rental units and in turn causing prices to increase.
A six month rental trend shows the average rents for a unfurnished one bedroom steadily climbing. In April the average rent was $1,908 and now in September it is $2,247.
