Vancouver rental market data
Vancouver’s rental market experienced a dramatic shift in 2025. The vacancy rate surged to 3.7% — the highest since 1988 — as reduced immigration, a weaker labour market, and new supply from both purpose-built completions and condominium apartments entering the rental market gave tenants significantly more options.
The average purpose-built rent in the Vancouver CMA was approximately $1,750 per month, while the vacancy rate more than doubled to 3.7%. For national trends, see the Canada rental market overview.
| Metric | October 2025 | Year-over-year |
|---|---|---|
| Vacancy rate | 3.7% | Up from 1.7% |
| Average 2-bedroom rent | ~$2,100 | Slowed growth |
| Turnover 2-bedroom rent | Declined | Down YoY |
| Purpose-built universe | Growing | New completions |
Vancouver experienced one of the largest vacancy rate increases of any major Canadian city in 2025. CMHC noted that Vancouver reached 3.7%, “the highest level since 1988,” driven by weaker demand from fewer international arrivals and increased rental supply including condominium apartments.
Average rent by bedroom type
Vancouver rents vary significantly by unit size. Like Toronto, there is a substantial gap between what new tenants pay (turnover rent) and what long-term tenants pay, due to BC’s rent control capping annual increases.
Estimated rent by bedroom type (October 2025)
| Bedroom Type | Estimated Average | Turnover Rent |
|---|---|---|
| Studio | ~$1,500 | ~$1,650 |
| 1 Bedroom | ~$1,850 | ~$2,050 |
| 2 Bedroom | ~$2,100 | ~$2,350 |
| 3 Bedroom+ | ~$2,500 | ~$2,700 |
Turnover rents — what you’d actually pay if you moved today — declined in 2025 for the first time in several years. CMHC reported that 2-bedroom turnover rents fell in Vancouver as landlords reduced asking prices and offered incentives to attract tenants in a softening market.
Vacancy rate trends
Vancouver has historically had some of the tightest rental markets in Canada. The 2025 shift was dramatic:
Vancouver CMA Vacancy Rate — Purpose-Built Rentals (2015–2025)
The vacancy rate more than doubled from 1.7% to 3.7% in a single year — the largest annual increase in decades. This reflects a fundamental shift in market conditions driven by:
- Reduced immigration — BC was among the hardest hit provinces as international student and temporary worker arrivals declined sharply
- Record new supply — Vancouver recorded its second-highest level of condominium completions on record, with many entering the rental market
- Weaker labour market — Rising unemployment among younger workers limited new household formation
Purpose-built vs condominium rentals
Vancouver’s rental market, like Toronto’s, includes a significant condominium rental segment. Weak condo resale conditions pushed more investor-owned units into the rental market, adding competitive pressure.
| Segment | Vacancy Rate | Notes |
|---|---|---|
| Purpose-built apartments | 3.7% | Highest since 1988 |
| Condominium apartments | Lower | More flexible pricing |
CMHC reported that “a strong increase in rented condominium apartments added competitive pressure to the purpose-built segment” in Vancouver. Purpose-built operators identified condo competition as a major obstacle to leasing new projects, and responded with incentives such as one month free rent and signing bonuses.
Rent affordability in Vancouver
Vancouver has the highest rents in Canada, creating significant affordability challenges:
| Bedroom Type | Monthly Rent | Annual Rent | Income Needed (30% rule) |
|---|---|---|---|
| 1 Bedroom | ~$2,600 (asking) | $31,200 | $104,000 |
| 2 Bedroom | ~$3,350 (asking) | $40,200 | $134,000 |
Even a 1-bedroom apartment requires a six-figure income to be affordable under the 30% rule. The median household income in Vancouver is $123,800, meaning even the median household would be stretched thin renting a 2-bedroom at asking rates.
Use our rent affordability calculator to see what you can comfortably afford.
BC rent increase rules
British Columbia caps annual rent increases for all rental units:
| Year | Maximum Increase | Basis |
|---|---|---|
| 2026 | 3.0% | CPI-based |
| 2025 | 3.5% | Inflation + 2% |
| 2024 | 3.5% | Inflation + 2% |
| 2023 | 2.0% | CPI-based |
Unlike Ontario, BC does not exempt newer buildings from rent control — all units are subject to the annual cap. However, vacancy decontrol applies: when a tenant moves out, the landlord can set any rent for the next tenant. This creates the same gap between turnover and non-turnover rents seen in other rent-controlled markets.
Landlords can apply for additional increases through the Residential Tenancy Branch (RTB) for capital expenditures, but these require approval and are subject to limits.
Why Vancouver’s rental market is changing
Reduced immigration: Federal policy changes sharply curtailed new arrivals, particularly temporary residents and international students. BC’s young adult population (15–34) — the primary driver of rental demand — declined.
Record condo completions: Vancouver recorded its second-highest level of condominium completions on record. Many investor-owned units entered the rental market as resale conditions weakened.
New purpose-built supply: Strong rental construction completions continued, adding units to an already softening market.
Landlord incentives: For the first time in years, Vancouver landlords are offering incentives — one month free rent, moving allowances, and signing bonuses — to attract tenants. This was unheard of during the extremely tight market conditions of 2022–2023.
Glossary
- Purpose-built rental: A residential building specifically constructed and operated as rental housing, typically apartment buildings with 3+ units.
- Vacancy rate: The percentage of rental units that are physically unoccupied and available for immediate rental at survey time.
- Turnover rent: The rent paid by a new tenant who recently moved into a unit. Typically higher than the average for all tenants.
- Asking rent: The rent listed on new rental advertisements — reflects current market rates for available units, typically higher than CMHC average rents.
- CMA: Census Metropolitan Area. Vancouver CMA includes the City of Vancouver, Burnaby, Surrey, Richmond, Coquitlam, and surrounding municipalities.
Related pages
- Canada Rental Market Data — national vacancy rates and average rent
- Toronto Rental Market — detailed Toronto rental data
- Vancouver Housing Market — home prices and market trends
- Average Rent in Canada — rent comparison by city
- Income in Vancouver — household income data
- Rent Affordability Calculator — can you afford the rent?
Sources
- CMHC Rental Market Survey — Housing Market Information Portal
- CMHC 2025 Rental Market Report — December 2025
- BC Residential Tenancy Branch — rent increase rules