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By the Numbers: Renting in Metro Vancouver

By Insights West /

We break down the who, what, where, when and how of Vancouver’s rental market.

The fine print: Results are based on an online study commissioned in VanMag, conducted by Insights West from January 9 to January 12, 2017, among 421 adult residents of Metro Vancouver who rent. The data has been statistically weighted according to Canadian census figures for age and gender. The margin of error—which measures sample variability—is +/- 4.9 percentage points.

What percentage of your income do you spend on rent?

According to the Canadian Mortgage and Housing Corporation (CMHC), spending 30% of your income or less on rent is ideal. That’s something possible for 51% of renters aged 35 and up—but not for millennials.

How long have you lived in your current residence?

5 years or longer ➔ 33%3–4 years ➔ 23%1–2 years ➔ 20%Less than 1 year ➔ 24%

 

“Given the current housing prices in Metro Van, I have no choice but to rent.” —88% of renters

 

Who’s renting?

Live with a spouse ➔ 21%Live with other relatives ➔ 13%Live alone ➔ 30%Live with roommates ➔ 17% Live with a spouse and kids ➔ 19%

Average monthly rent for a one-bedroom in Vancouver

*According to the Canadian Rental Housing Index

Average Rent for one-bedroom apartment in other cities

*According to the CMHC

Renters Say…

“I would move out of my current dwelling if I could.” ➔ 57%“I have a great relationship with my current landlord.” ➔ 82%“Home ownership is definitely a goal for me at this point.” ➔ 50%“I prefer renting to home ownership.”➔ 35%  (50% for those aged 55 and over.)

 

33% of millenials plan on using the government’s new homebuyers’ interest-free loan to buy