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A new report says renters are spending more than 60 per cent of their salary to live in Metro Vancouver, more than double the recommended amount.
April data from liv.rent, an online renting platform, found that the average Metro Vancouver renter is spending 61.65 per cent of their monthly income on rent.
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This is more than double the recommended 30 per cent rent-to-income ratio and reflects the mismatch between supply and demand for housing in the region, the report said.
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The report, published Thursday, said average rates for furnished one-bedroom units in Metro Vancouver rose significantly, increasing by 10 per cent from March, or about $251.
Unfurnished one-bedroom units went up by 1.68 per cent from March, or by about $39, to a new average of $2,376, according to the report.
The situation may improve in May, the report notes, when short-term rental regulations come into effect May 1, possibly returning short-term rentals to the long-term market.
Liv.rent says the rates are following a similar trend last year, dipping in March before a substantial increase in April, and will likely continue a gradual rise throughout the summer.
B.C.’s annual allowable rent increase limit for 2024 is 3.5 per cent.
West Vancouver had the highest average rental prices for all unfurnished units, according to the report, starting at $2,773 for a one-bedroom flat and rising to $4,751 for a three bedroom.
The cheapest place to live in Metro Vancouver, according to the report, is Langley where one bedroom will cost renters around $1,954 a month or $2,499 for a two-bedroom apartment.
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