Average Metro Vancouver renter spends 61% of monthly income on rent
Global News
Average rates for furnished one-bedroom units in Metro Vancouver rose by $251 between March and April, with unfurnished ones rising by $39.
A new report on renting in Metro Vancouver shows a wide range of increases for April.
According to a report done by Liv, an online platform for the renting community, Metro Vancouver renters are spending more than 60 per cent of their monthly income on rent.
“This is over double the recommended 30 per cent rent-to-income ratio and reflects the mismatch between supply and demand for housing in the region,” Liv said in its report.
Average rates for furnished one-bedroom units in Metro Vancouver rose by $251 between March and April, with unfurnished ones rising by $39.
The new Metro Vancouver average for one-bedroom, unfurnished units is sitting at $2,376.
Downtown Vancouver is dubbed as Metro Vancouver’s most expensive neighbourhood with an unfurnished, one-bedroom unit renting at just over $2,800 a month.
The same unit in Metro Vancouver’s least expensive neighbourhood, Sunset Victoria Fraserview, is around $2,100.
The report found this year’s rental rates are mirroring last year’s, which leads Liv officials to believe rates will continue to rise into the summer months.
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