Looking to rent in or near downtown Vancouver? The good news is that rent prices have actually stabilized in the past couple of months, with studio prices down 0.79% and one bedroom’s prices down 0.55% since last month. According to PadMapper, the latest monthly rent average in Vancouver as of October 2019 is:
- $1,880 for a Studio
- $2,188 for a 1 Bedroom
- $3,200 for a 2 Bedroom
However, the bad news is that the precious space within these condos is still priced at a premium. And, while some of these listings look like they're straight out of Architectural Digest, others look like they could give you a mild to serious case of claustrophobia. Based on your desired neighbourhood and proximity to the downtown core, here’s how many square feet you can expect to get in Vancouver right now.
Stanley Park & West End
Best known for its parks and beaches, the West End Neighbourhood is nestled between the beautiful Stanley Park/English Bay Beach and the downtown core. The neighbourhood also boasts a large selection of dining attractions. It’s one of Vancouver’s most culturally diverse locations, home to the city’s gay village, 40,000 high-rise apartments dwellers, and heritage homes.
Situated in the south-east downtown area, Yaletown is one of the city’s trendiest neighbourhoods. Filled with residential lofts, cafes, cool restaurants and boutique shops, this pricey area might not be for everyone.
One of Vancouver’s oldest neighbourhoods, Gastown sits along the north of the downtown peninsula. It’s a place with an enduring, historic charm keeps bringing the tourists in. It’s a district that combines the old and new, filled not only with Victorian architecture, street lamps and cobblestone streets but also top restaurants, decor boutiques and unique galleries. While Gastown’s rent costs are more reasonable than Yaletown, it’s a place with a bit more traditional character.
Kitsilano & South Granville
The Kitsilano and South Granville neighbourhoods are located southwest and directly south of Vancouver’s downtown core. Just over the Burrard Bridge, the “Kits” neighbourhood is made up of the best beaches in Vancouver, stunning views of downtown and the mountains, residential streets, and a couple of main commercial districts. It’s home to many students, young urban professionals and families who enjoy a modern, relaxed atmosphere.
Fairview & Mount Pleasant
Just south-east of the downtown peninsula, the Fairview / Mount Pleasant neighbourhood consists of mostly residential streets and housing. With galleries, breweries and boutiques, this area is the Vancouver equivalent of Brooklyn.
Ok, so what does this all mean?
In this article, we laid out the average prices in Vancouver, as well as some of the different neighbourhoods that you can investigate during your house hunt.
Here’s what we can conclude: while the further outside of the city you get the cheaper your rent can get, you’re not really going to double that square footage unless you double the money. With only slight variations between all these neighbourhoods within and close to the downtown core, you pay not only for your location but also your space.
With some time spent searching listings, and an understanding of the different neighbourhoods, you'll be able to find a place that works for you.