05/20/2022
REAL ESTATE NEWS | There are still 10 neighborhoods in Vancouver where the average one-bedroom apartment is less than $2,000 a month – a relative bargain as rates continue to climb, according to a recent report.
Data from online rental platform Zumper shows the median rent in the city as $2,275 in May, a year-over-year jump of 17 per cent and the highest rate recorded since the site began tracking data in 2016.
However, a breakdown by area shows prices as high as $2,870 in Quilchena and as low as $1,500 in Hastings-Sunrise this month.
A few neighbourhoods along major transit routes with a relatively high concentration of low-rise apartment buildings like Grandview-Woodland, South Granville, and Marpole all come in under the $2,000 mark at $1,748, $1,750 and $1,950 respectively.
On the more expensive end of the spectrum was Mount Pleasant, a historically affordable working-class East Vancouver neighbourhood, which saw median rents of $2,250. In the densely-populated West End, the price was $2,175.
In addition to Quilchena, four other neighbourhoods were more expensive than the city-wide average. A one-bedroom in the city's downtown core runs $2,500, in West Point Grey it's $2,400, in Riley Park-Little Mountain it's $2,360, and in Cambia it's $2,350.
While these averages show some of what prospective renters can expect, the city's low vacancy rate coupled with high demand means navigating a highly-competitive rental market where finding a place to rent more complicated than just finding a listing online.
Here is the full list:
Hastings-Sunrise $1,500
Arbutus $1,600
Grandview-Woodland $1,748
Victoria-Fraserview $1,750
South Granville $1,750
Sunset $1,914
Marpole $1,950
Marpole $1,950
Kitsilano $1,963
Strathcona $1,973
Oakridge $1,995
Fairview $2,000
Renfrew-Collingwood $2,000
Dunbar $2,000
Kensington-Cedar Cottage $2,000
Killarney $2,050
Courtesy of Lisa Steacy CTV News Vancouver
