This is the third post for this little project. I am attempting to track Vancouver rental market statistics for houses, duplexes, townhomes and suites within houses on the North Shore. First, a disclaimer: these numbers are not intended to be instructive for the setting of rental amounts. I strongly urge you not to use them for that purpose or in making any other financial decision. There is not enough data available to create reliable statistics in this market, and the methodology is unscientific. Instead, you should rely on the local market knowledge of a licensed Rental Property Manager for advice.
Methodology: Craigslist is the only source being considered for the time being. I am filtering for properties that have 3 bedrooms or more and with a minimum price of $2000/month. Apartments are not included. Whether a rental property is furnished or unfurnished is not considered. Properties with incomplete information are not included. Listings that appear to be scams are also excluded. Listings are collected from the 7 days prior to this post.
Additional info: Both median and mean numbers can be skewed by just a few listings. Values in one neighbourhood could be vastly different from those in the adjacent neighbourhood. We are tracking listing prices. Actual rental prices could be different for each property. I will start this by focusing on North and West Vancouver only. If it remains an interesting exercise, I may expand it to include areas of Vancouver proper. Data collected from February 23rd-March 1st.
Any month/month changes do not allow us to draw any conclusions. We won’t know how accurate this is until we see many months of data. Theoretically, unique listings should be rising due to seasonal effects, but we have not observed that as of yet. Anecdotal evidence of tight rental market conditions confirms a general rise in rental asking prices. However, the rise in median rental prices for North Vancouver vs. our March numbers are noticeably skewed due to fewer listings at the lower end.
Numbers also appear to have a bias to the upside due to excluding properties under $2000. I will consider similarly excluding ultra high-end properties ($15, 000+) going forward to see if that provides a more useful set of data. Once again, this is a work in progress.
Vancouver Rental Market Statistics – April, 2015
|Rental Market||Number of unique Listings||Mean Rental Price||Median Rental Price||Avg. Price per Sq Ft.|
|North Vancouver||53||$4, 258||$3, 875||$1.80|
|West Vancouver||72||$7, 298||$5, 000||$1.92|