Vancouver Rent Report, June 2026

Vancouver's rental market experienced its most dramatic vacancy expansion in nearly four decades. According to the Canada Mortgage and Housing Corporation (CMHC), Vancouver's purpose-built rental vacancy rate reached 3.7% in October 2025, the highest level since 1988, more than double the 1.6% rate recorded in 2024.

Average rents across all unit types and property types held at $2,575 per month according to Zumper's April 2026 Vancouver rent research. Prices remained flat month-over-month while dropping approximately 5% year-over-year, the sharpest annual decline Vancouver has seen in more than a decade.

Rentals.ca's January 2026 report showed 1-bedroom asking rents averaging $2,362 (down 6.3% year-over-year) and 2-bedroom asking rents at $3,279 (down 4.8%). Downtown Vancouver has seen even sharper declines, approximately 9% year-over-year, as new-build luxury inventory pushed operators to offer aggressive incentives.

Vancouver remains Canada's most expensive rental market by wide margin, but the gap has narrowed as prices soften. Two-bedroom rents alone exceed Edmonton's three-bedroom rates by a significant margin.

Asking rents (new listings)

• 1 Bedroom (Rentals.ca, Jan 2026): $2,362 / month · -6.3% YoY
• 2 Bedroom (Rentals.ca, Jan 2026): $3,279 / month · -4.8% YoY
• All unit types median (Zumper, April 2026): $2,575 / month

Purpose-built market (CMHC 2025)

• 2 Bedroom (CMHC average): $2,363 / month

The gap between Rentals.ca asking rates and CMHC's purpose-built averages reflects the difference between new-listing asking prices (higher) and the broader rental stock including long-term tenancies (lower, due to BC's Residential Tenancy Act rent-increase limits).

Vancouver's rental map splits into three broad tiers: Downtown / Downtown-adjacent (premium), Central Vancouver (moderate), and East Vancouver / outer areas (relatively best value within a very expensive market).

Premium neighbourhoods

• Yaletown / Coal Harbour: Luxury waterfront condos
• West End / Downtown: Walkable core, transit hub
• Kitsilano / Point Grey: Beach-side lifestyle premium
• Fairview / South Granville: Central, established

Best-value neighbourhoods (within Vancouver proper)

• Renfrew / Collingwood: East Van, transit-accessible
• Killarney / Champlain Heights: Outer southeast
• Marpole: South, near YVR
• Hastings-Sunrise: East end, walkable pockets

Suburban alternatives

• Burnaby / New Westminster: Substantially lower rents, SkyTrain-connected
• Richmond / Surrey: Family-sized units at markedly lower per-bedroom rates

See CMHC Vancouver zone tables for detailed by-neighbourhood rent averages.

The dramatic vacancy expansion from 1.6% (2024) to 3.7% (Oct 2025) reflects an unusually large delivery of purpose-built rental inventory combined with moderating demand. Vacancy at 3.7% is the highest reading Vancouver has posted since 1988, a genuinely historic shift.

Downtown Vancouver has seen the sharpest concession activity. Landlords in new luxury purpose-built and condo buildings are commonly offering one to two months free rent to attract tenants. Reports indicate downtown asking rents have fallen approximately 9% year-over-year, the deepest correction in any Vancouver sub-market.

Important caveat from CMHC: only 1-2% of rental units affordable to lower-income households are vacant. The vacancy loosening is concentrated in mid- and higher-priced segments; genuine affordability remains a critical challenge for lower-income Vancouver renters.

Vancouver's near-term outlook favors continued modest declines in the mid- and high-price segments. The wave of new purpose-built completions is expected to continue through late 2026 and into 2027 as projects started during the 2021-2022 approval boom deliver.

What this means for renters

• Real negotiating power on new-build inventory, one to two months free rent is common
• Downtown offers the deepest discounts among all Vancouver sub-markets
• Long-term tenancies remain protected by BC rent-increase limits
• Sub-$1,500 units remain scarce, the vacancy shift is concentrated in higher rents

What this means for landlords

• New-build luxury operators face intense competition, concessions matter more than asking-price optics
• Purpose-built rent-controlled buildings retain moderate pricing power on turnover
• Existing-tenant renewals are cheaper than turnover; retention matters more than ever
• Genuinely affordable-tier units (below $1,500) remain in strong demand

SQRFT's July 2026 Vancouver report will publish on the last business day of July.