The rental market in Vancouver is highly competitive, with high demand and low vacancy rates.
The rental prices in the city are relatively high, especially for popular neighbourhoods. According to the January 2024 Vancouver report from liv.rent, the average rent for an unfurnished one-bedroom unit in Metro Vancouver is around $2,367 per month. Ranking the most expensive city to rent in Canada.
Because of the increasing population and influx of immigrants/students moving to the city for work and study, the Ministry of Advanced Education and Skills Training reports that over 143,000 international students come to British Columbia each year. Additionally, the supply of rental properties could not keep up with the demand, resulting in low vacancy rates and intense competition for available properties. For example, a recent report shows that the vacancy rate for one-bedroom apartments in Downtown Vancouver is currently 1.8%. The combination of high demand and limited supply has created a tight rental market, driving up rental prices.
There are a variety of rental options available in Vancouver for students, including student residences, apartments, townhouses, and houses. The type of rental property you choose will depend on your budget, preferences, and needs.
In Vancouver, there are three main types of student housing: on-campus housing, off-campus housing, and homestay. Each of these options has its own unique characteristics and benefits.
On-campus housing is usually located on campus and offers a more affordable rental price but is generally only available to students of that particular school. Whereas, off-campus housing may be slightly more expensive, but typically offers more flexible lease terms and is open to all students. Homestay can be the most affordable option, but may be located further from campus and may not provide the same level of consistency as other housing options.
Below is some basic information about the different student housing options in Vancouver:
Some schools offer student housing on or near their campus. Dormitories are usually the first pick of junior students. Dormitories are large buildings that typically house many students and have common areas for socializing, cooking, and exercise, as well as shared bathrooms and showers. Dormitories often have one or more people per room and are managed directly by the school. These are often recommended for first-year college and university students.
Another option is townhouses, which are detached houses that usually have three to six bedrooms with single occupancy rooms (no roommates) and a main floor with a kitchen and living room area. These are often reserved for third to fourth-year university students.
Both dormitories and townhouses may have a nearby cafeteria or restaurants nearby where you can eat daily. These housing options may also include utilities such as heat, hot water, and internet.
Off-campus shared apartments offer students a shared living space with one or more roommates. Like dormitories or townhouses in on-campus student housing, they often have a single/ shared bedroom, and a shared kitchen, bathroom, dining area, and living room.
The rental costs for off-campus housing are often more expensive compared to on-campus housing options. However, off-campus housing is generally more flexible in terms of lease agreements and is open to all students.
It’s important to note that not all schools in Canada can help students find off-campus housing. In these cases, the school may refer students to housing agencies or expect them to research and connect with local housing services on their own.
Homestay is a popular choice for students studying abroad because it is an affordable option and allows students to live with a local family in Vancouver. Students can rent a homestay on a weekly basis, which is a flexible option for those looking for temporary housing.
However, this may not be the best choice for university and college students, as homestays are often located far from campus and may have strict rules and restrictions, such as curfews, that students must follow. Additionally, there is no consistent standard for homestays, so students may not know if their experience will be good or bad until they arrive.
Apart from student accommodations, market rentals are a common type of housing available in Vancouver. It includes houses, townhouses, basements, apartments, and other types of units that may or may not be fully furnished.
Because market rental is a popular option, students may face competition from working professionals when looking for a rental unit, as many landlords prefer tenants with a stable income. However, the market rental can still be a good option for students, as you may be able to rent or share an apartment with friends, classmates, or family members. Some popular market rental websites in Vancouver include Craigslist, Zumper, Rental.ca, and liv.rent.
Of these platforms, Craigslist and Zumper have the most options but also have a higher risk of rental scams. It is important to carefully research and read through rental resources before making the decision.
To avoid unnecessary mistakes and fraud, we strongly recommend you go through our blogs:
The estimated range for the rental price in Vancouver is around $850 to $2,300. However, Rent prices can vary widely depending on the location, size, and type of the property, as well as the demand for rental properties in the area.
There are a variety of rental options available, including apartments, houses, and shared accommodations, and it is possible to find more affordable options by looking in different areas of the city or considering sharing a rental with other students.
In this section, we have listed a detailed price list of all the different housing types in Vancouver.
As mentioned above, dormitories (for junior students) and townhouses (for senior students) are the two main housing types available on campus. As different colleges and Universities’ rental prices will vary, let’s take UBC’s on-campus student residences as an example:
*It will be $960 to $1,182 per month per bed
*It will be $1,134 to $1,260 per month per bed
An alternative housing option to stay with the student community is to live in off-campus student residences. Most intuitions have partnered with other housing agencies, and you can directly book your stay from your school. We will use GEC Living to give you an estimated amount of rental price per month. All GEC student residences are apartments and students will be living in either shared or private bedrooms.
GEC Living Student residences:
Homestays are often considered the most cost-effective housing option for students studying abroad, as they typically include meals and other amenities in the rental price. The rate of the homestay vary based on different agency companies, we would use Vancouver Central Homestay Ltd as an example:
Here are the approx. rate of homestay:
According to liv.rent Metro Vancouver Rent Report (January 2024), the average rental price for an unfurnished apartment is:
Students can opt to live with their friends or families in two or three bedrooms apartments. Here is a breakdown of the average rental cost for different locations.
For furnished apartments, the average rental prices are:
Students living in furnished apartments don’t have to worry about placing new furniture in their homes.
For example, consider a one-bedroom apartment in Vancouver, the average rental price for a furnished one-bedroom apartment is $3,085 per month. It is not surprising given the presence of numerous corporations and schools such as UBC, SFU, and BCIT in the downtown area.
Similarly, Burnaby, home to many large corporations and schools like SFU, BCIT, LaSalle College, and Coquitlam College, has an average rental price of $2,532 per month for a furnished one-bedroom apartment.
The rental price in Richmond, which is popular among newcomers due to its affordability and convenience, is slightly lower at an average of $2,389 per month for a furnished one-bedroom apartment. Richmond is also home to KPU and TWU Richmond campuses.
Rental housing in Vancouver can be quite expensive for students, especially given the high cost of living in the city. According to Numbeo, the cost of living in Vancouver is 44% higher than the national average in Canada. This means that students will need to budget carefully to afford the cost of housing, food, and other necessities.
The main reason that affects the affordability of rental housing in Vancouver is the average income of students. According to Glassdoor, the average income for a student in Vancouver is around $39,186 per year. This means that a student would need to spend a significant portion of their income on housing alone, leaving little left over for other expenses such as food, transportation, and entertainment.
Some students may choose to live in shared housing or with roommates in order to reduce the cost of the rent. There are options available to help students afford rental housing in Vancouver, such as shared accommodation or government-subsidized housing. However, these options can be competitive and may not be eligible for all students.
Therefore, the affordability of rental housing in Vancouver for students can be a challenge, especially given the high cost of living in the city. Students will need to budget carefully and may need to consider various options for reducing the cost of housing, such as shared housing or roommates.
With limited housing in Vancouver, it is more competitive for students to a place to stay.
According to a new report by Real Estate Investment Network Canada, there is a shortage of over 14,300 student beds in Vancouver. Without student beds, a larger portion of the rental housing supply is increasingly being occupied by students looking for accommodations.
Take UBC as an example, UBC opened the new 650-bed this past summer 2021 and is expected to have 1,000 more beds for student residences. By 2030, continued plans to build more new student residences will grow UBC’s student housing stock to 17,300 student beds, with 3,000 of these student beds to be added to campus over the next five years.
For off-campus student housing, although it is available for all students, this also means that competition will be very intense, as you are competing not only with students from your school but also students from other institutions. Being the largest off-campus provider, all the units are usually fully booked. Because of the limited housing available, students should secure their place before their semester starts.
It can be challenging for students to find market rentals in Vancouver, as they may be competing with business professionals and families for available units. According to the Canadian Mortgage and Housing Corporation (CMHC), the overall vacancy rate in Vancouver is 1.2, with 117,168 units available.
There are several residential areas close to colleges and universities in Vancouver, including Downtown Vancouver, Richmond, and Metrotown.
There are several government policies and initiatives that may impact the rental market in Vancouver. One of the policies is rent control, which is a system that regulates the amount that landlords can charge for rent. In Vancouver, B.C., the Residential Tenancy Act sets out the rules for rent increases. This includes the maximum amount that landlords can increase rent and the frequency with which they can do so. The goal of rent control is to protect tenants from excessive rent increases and ensure that rental housing is affordable.
Another government initiative that may impact the rental market in Vancouver is the Rental Assistance Program (RAP). This program aims to provide eligible low-income working families with monthly financial assistance to help them with the rental payment.
Furthermore, there is a supply of affordable rental housing which make it easier for people with low or moderate incomes to find a place to live. For instance, Vancouver’s Affordable Housing Agency (VAHA) works to develop and maintain affordable housing units in Vancouver. Currently, they have completed more than 18 buildings that are available for people to rent at an affordable price.
Overall, government policies and initiatives like rent control and affordable housing initiatives can help to ensure that rental housing is more accessible and affordable for people in Vancouver.
We understand that the information may seem overwhelming, so we’ve condensed it for you. Here are some key takeaways:
|Proximity to campus
|Cost of Housing
|Fixed lease 4 – 12 months
|Typically, it’s a walk of 5 to 20 minutes to reach your campus.
|Proximity to the campus makes it the optimal choice for connecting with fellow students from the same school and faculty.
|$900-$1300 per month
|Flexible monthly lease
|In general, the transit time to school is mostly between 10 to 30 minutes.
|It’s easy to make friends from different colleges and universities, plus you can participate in diverse events organized by off-campus housing providers.
|$1,300 – $1,700 per month
|Fixed lease, 6 – 12 months
|The commute duration to school varies based on the location.
|You have the flexibility to choose your own roommate, allowing you to rent or share an apartment with friends, classmates, or family members.
|around $2,227 per month
|The majority of homestays are situated at a distance from the campus, requiring approximately 30 to 60 minutes of travel time to reach school.
|Homestay services can handle all your meals while also providing an introduction to Canadian culture.
|$850 – $1,400 per month
If you are planning to study in Vancouver and are trying to decide which school to attend, we have compiled a list of popular colleges and universities in the city. Each school has a list of frequently asked questions that you should review before submitting an application.