How Much Is Rent in Vancouver in July 2026?

Don’t get us wrong, Vancouver remains Canada’s most expensive rental market. But after years of increases, asking rents have started to trend down across most unit types, giving renters a little more breathing room than they had during the peak of the housing crunch.

According to the British Columbia government, asking rents in Vancouver and neighbouring Burnaby have fallen for 29 consecutive months and are approximately 20 percent lower than their 2023 peak.

Here’s what you can expect to pay for rent in Vancouver in July 2026 and how prices have changed over the past year.

Vancouver Rent Snapshot: July 2026

Year-over-year change

• One-bedroom: down 0.2 perfect
• Two-bedroom: down 5.8 percent
• Three-bedroom: up 8.3 percent

Average Rent in Vancouver in July 2026

According to Door Insight, the median asking rent for a one-bedroom apartment in Vancouver is $2,495 per month in July 2026. A two-bedroom apartment has a median asking rent of $3,300, while three-bedroom apartments rent for a median price of $4,980.

Although Vancouver continues to rank among Canada’s most expensive cities for renters, asking rents have fallen for both one- and two-bedroom units.

However, three-bedroom units have seen prices increase more than 8 percent year-over-year.

Compared with the rental market in 2023 and early 2024, renters of smaller units (one- and two-bedrooms) have a little more choice and a bit less competition when searching for a place to call home. However, for three-bedrooms and larger, prices are still extremely competitive.

Are Vancouver Rents Going Up or Down?

The short answer is: down. But it’s a little more complicated than that. After reaching record highs in recent years, especially following the pandemic, asking rents in Vancouver have started decreasing a little bit over the past year or two.

However, the picture isn’t all rosy. First, even with the downward movement, rents remain extraordinarily high. As well, the pace of those rental price declines has also been slowing, suggesting that rents may be stabilizing.

Second, rental prices aren’t decreasing across all unit types. Three-bedroom apartments in Vancouver are actually more expensive than they were a year ago. One-bedroom units actually saw a monthly price increase, too, although they remain lower on a year-over-year basis.

That’s mixed news for renters. While Vancouver remains an expensive place to live, today’s market is generally less competitive than it was during the height of the post-COVID rental surge in 2023. This is especially true for renters seeking smaller units.

Why Are Rents Falling in Vancouver?

Several factors have helped reduce pressure on Vancouver’s rental market over the past year. More rental housing has become available, including newly completed purpose-built rental buildings and additional condominium units entering the rental market.

Population growth across Canada and in Vancouver has also slowed down. In fact, Canada’s population actually shrunk by 0.2 percent in 2025. This is largely due to declining birth rates combined with Canada’s recent policy to reduce the number of temporary workers and students in the country. With a smaller population, competition for available rental units has eased.

The vacancy rate for Metro Vancouver is currently 3.7 percent. That refers to the percentage of rental units that are currently unoccupied. Back in 2023, at the peak of Vancouver’s rental shortage, the vacancy rate was only 0.9 percent, making competition for rentals extremely tight and driving prices up.

How Does Vancouver Compare with Other Canadian Cities?

Vancouver and Toronto continue to compete for the title of Canada’s most expensive rental market. Both cities report significantly higher asking rents than Montreal, Calgary and Ottawa, although each market has experienced declines over the past year.

One important difference is the type of units commonly available to renters in different cities. Many Vancouverites rent secondary suites, including basement units and laneway homes. (A laneway home is a small, self-contained residential unit built in the backyard of an existing home, typically facing a public laneway or alley. They’re a common type of rental unit in Toronto and Vancouver.) These can sometimes provide a more affordable alternative to traditional apartments or fancy condos, but prices vary widely depending on the neighbourhood and the condition of the unit.

For newcomers deciding where to settle, housing costs remain one of the biggest factors affecting the overall cost of living. Even if salaries are higher in Vancouver than elsewhere in Canada, the city’s housing costs can have a significant impact on your monthly budget. Vancouver renters spend an average of 41.6 percent of their income on rent, well above the 30 percent threshold recommended by financial advisors.

What Does This Mean for Newcomers?

If you’re planning to move to Vancouver this year, the rental market is still competitive, but rents have decreased a little compared with the peak of the housing shortage back in 2023.

Renters generally have more listings to choose from than they did a year or two ago, and landlords may be a little more flexible than they were when demand was at its highest. That said, finding affordable housing remains difficult, particularly in neighbourhoods close to downtown, SkyTrain stations and major employment centres.

Choosing to live outside the downtown core is one strategy to reduce your rental costs. Another option is to live outside the city of Vancouver, in one of its neighbouring cities like Burnaby, Richmond, or Surrey. Rents are typically lower outside the city proper.

It’s also worth remembering that advertised rent is only one part of your monthly housing costs. Utilities, internet, parking and tenant insurance may all be additional expenses depending on the property.

If you’re moving to Vancouver from outside British Columbia, consider arranging temporary accommodation while you search for a longer-term rental. Visiting apartments in person can help you avoid rental scams and make it easier to find a home that suits both your budget and your lifestyle.

Where Does This Data Come From?

The numbers in this article are based primarily on Door Insight’s monthly Vancouver rental market data, which tracks asking rents from active rental listings across the city.

Different organizations measure rents in different ways, so you’ll often see slightly different figures depending on the source. Some reports focus on advertised asking rents, while others analyze completed lease transactions or survey existing tenants.

For this monthly series, we’ve used Door Insight as our primary source because it publishes consistent monthly data on asking rents by apartment type, making it well suited for tracking changes over time. We also reviewed reports from CMHC, Rentals.ca and Zumper.