RENNIE OUTLOOK 2024
MONTHLY RENTS
The rental market in Metro Vancouver has experienced a significant amount of pressure of late: from record-setting population growth to fewer first-time buyers entering the for-sale market, demand has outpaced supply of late, even as purpose-built rental housing construction has expanded. That has led to a vacancy rate of less than 1% in Metro Vancouver alongside rapidly rising rental rates. Expect more of the same in 2024, though to a lesser extent.
OUR 2024 OUTLOOK
By the end of 2024 we expect that average advertised asking rents in Metro Vancouver will, on a year-over-year basis, be 3% higher, with monthly rent for studios averaging $2,600, 1-beds $2,900, and 2-beds $3,500.
Copyright © 2024 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 February 5, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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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