RENNIE OUTLOOK 2025
RENT
On the heels of years of excess demand for rental housing—a consequence of robust population growth, quickly-rising interest rates, and not enough supply—2024 brought with it moderation in Metro Vancouver’s rental market. While net international migration remained historically high in 2024, the Bank of Canada did shave 175 basis points off its trend-setting rate (which helped facilitate the leap into home ownership for some tenants), and rental construction continued at a torrid pace, with the region tallying more than 10,000 purpose-built completions. As Metro Vancouver’s purpose-built vacancy rate rose from 0.9% to 1.6%, we observed a 1.9% reduction in new purpose-built per-square-foot rents in 2024.
OUR 2025 OUTLOOK
We expect to see a continued softening in Metro Vancouver’s rental market in 2025. On a per-square-foot basis, new purpose-built rents are predicted to fall by up to 4.5% regionally.
Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 29, 2025. Data from the Greater Vancouver and Fraser Valley Boards, Statistics Canada, Zonda Urban, CMHC, & rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6
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