Market Overview
Vancouver asking rents firmed again in September 2026, and the annual decline narrowed sharply. The average asking rent for apartments and condominiums was $2,741 per month, up 1.4% from August and down 1.3% from a year earlier, according to the Rentals.ca and Urbanation National Rent Report published October 7, 2026. That was the largest monthly gain among Canada's six largest markets. Vancouver's annual decline narrowed from 4.1% in August and was its smallest since December 2023, though it was the city's 34th consecutive month of annual decline. September asking rents in Vancouver were at their lowest level for the month since 2021.
Nationwide, the average asking rent for apartments and condos was $2,038 in September, and the average across all property types was $2,034, down 4.2% year over year in the 24th consecutive month of annual declines. B.C. apartment and condo rents rose 0.8% from August, the largest monthly gain of any province, and were down 2.3% over the year. At $2,373, B.C. was again the most expensive province for apartment and condo rents, ahead of Nova Scotia ($2,321), which had held the top spot from May to August.
The Canada Mortgage and Housing Corporation (CMHC) recorded a purpose-built rental vacancy rate of 3.7% in October 2025 for the Vancouver CMA, its most recent authoritative survey.
Average Rents by Unit Size
The table below shows CMHC's in-place averages for the existing purpose-built stock as of October 2025. These are what current tenants pay across the broader rental stock, and they sit below the asking rent because asking figures capture new-listing prices.
- Studio (CMHC, Oct 2025): $1,667 / month
- 1 Bedroom (CMHC, Oct 2025): $1,807 / month
- 2 Bedroom (CMHC, Oct 2025): $2,364 / month
- 3 Bedroom+ (CMHC, Oct 2025): $2,820 / month
- All apartments (CMHC, Oct 2025): $1,970 / month
Asking rents are correcting fastest for smaller units. Rentals.ca reported that Vancouver one-bedroom asking rents fell 4.8% over the year to $2,380 in September, the largest one-bedroom decline of any major market, even as the city's overall average levelled off. Vancouver three-bedroom asking rents fell 1.8% to $3,993, and B.C. three-bedroom rents fell 2.6% to $3,340. The gap between asking rents and CMHC's averages reflects that CMHC's data includes existing tenancies whose increases are limited by BC's annual cap.
Neighborhood Breakdown
Central neighborhoods continue to command the highest rents in Vancouver, while East Vancouver offers relative value. Walkable communities near transit and the waterfront have historically drawn the strongest demand from young professionals and downtown workers.
Highest-priced areas
- Downtown / West End, walkable core near the seawall and transit
- Yaletown, premium waterfront district with new towers
- Kitsilano, established west-side community near the beach
- Mount Pleasant, inner-city, restaurant and brewery scene
Best-value areas
- East Vancouver typically offers the lowest per-bedroom rents within the city
Around the Lower Mainland (Rentals.ca, September 2026)
- North Vancouver: $2,983, the most expensive rental market in the country, essentially unchanged from a year earlier
- Richmond: $2,572, second among the top 25 markets outside the six largest cities, though down 8.4% over the year
- Burnaby: $2,548, third on the same list
- Coquitlam: $2,497, fifth on the same list
Neighborhood-level rent averages fluctuate month to month based on listing mix. For in-place rents by area, see the CMHC neighborhood rent tables which are updated on CMHC's schedule.
Supply and Vacancy
New purpose-built supply and moderating demand have kept vacancy above the extreme tightness of earlier years. CMHC recorded an overall purpose-built rental vacancy rate of 3.7% for the Vancouver CMA in October 2025. Rentals.ca's October report says construction inventory in Vancouver and Toronto has now peaked. Nationally, purpose-built rental apartments continued to post the smallest annual declines of any property type, down 2.7% to $2,036, while condo rents fell 7.8% to $2,052.
Vacancy by unit type (CMHC, October 2025)
- Studio: 3.9%
- 1 bedroom: 3.8%
- 2 bedroom: 3.2%
- 3 bedroom or more: 3.6%
- Overall: 3.7%
Shared accommodation is still cheaper than a year ago. The average asking rent for a room in Vancouver fell 8.3% over the year to $1,163, and B.C. shared accommodation rents fell 4.5% to $1,070, according to Rentals.ca.
Outlook
Rentals.ca sees signs of stability emerging in Vancouver and Toronto after rents fell to their lowest September levels in five years. Its October report notes that rents in both cities have risen over the past six months and points to several conditions that support an upcoming return to positive rent growth: construction inventory has peaked, new data revisions show that a previously reported decline in population was actually a modest increase, and both cities have less exposure to tariffs in their job markets. In the near term, it says more affordable rents and move-in incentives are releasing pent-up demand from delayed household formation, after higher rents in previous years kept prospective renters living with parents or roommates for longer.
For existing tenancies, BC's maximum rent increase is 2.3% for 2026 and 2.2% for 2027. Rent can go up once every 12 months, with 3 full months' notice on Form RTB-7.
What this means for renters
- Asking rents are 1.3% below a year ago, the smallest annual decline since December 2023
- Rentals.ca sees conditions lining up for a return to rent growth, so today's discounts may not last
- East Vancouver continues to offer the best per-bedroom value within the city
- In-place rents are protected by BC's annual cap
What this means for landlords
- Realistic pricing still matters, demand typically fades heading into the fall
- Quality photos and detailed listings win the competition for eyeballs
- A written condition inspection report at move-in and move-out protects your deposit position at the RTB
- Renewals are cheaper than turnover, and BC's cap makes retention the cost-effective path
SQRFT's October 2026 report will follow the next Rentals.ca National Rent Report, which covers October data.
What it means for you
Turn the market shift into a smarter decision
If you own a rental
LandlordsPrice to the market you're in. Apartment and condo asking rents rose 1.4% from August but are still 1.3% below a year ago, and vacancy sits near 3.7%. Demand usually fades heading into the fall, so overpricing now costs weeks of vacancy.
Compete on retention. Renewing an existing tenant beats the turnover cost of a vacancy. BC's rent-increase cap is 2.3% for 2026 and 2.2% for 2027, so plan renewals within those limits.
Get the paperwork right. BC requires a written condition inspection report at move-in and move-out. Without one, your deposit position is weak if a dispute reaches the Residential Tenancy Branch.
If you rent
TenantsYou still have room to negotiate. Vancouver asking rents are 1.3% below a year ago, and one-bedroom asking rents fell 4.8% to $2,380 in September, the largest one-bedroom decline of any major market in Canada.
Look outside the core. East Vancouver typically offers the largest rent gaps per bedroom versus Downtown, the West End, and Yaletown.
Protect your deposit. Insist on a written condition inspection report at move-in and move-out under BC's Residential Tenancy Act. It is the record the RTB relies on in a deposit dispute.
MORE MOVING MEANS MORE DISPUTES
A cooler market still means plenty of move-outs. That is where rental disputes begin.
Deposits and possession are common flashpoints, right around move-in and move-out. sqrft.ca gives BC landlords and tenants an RTA compliant lease workflow, a timestamped condition inspection at move-in and move-out, and a full audit log per tenancy.