The cost of living in Vancouver, #1 on the list of Canada’s most expensive cities, is staggering.
With inflation driving prices through the roof for just about everything, finding cheap apartments for rent in Vancouver BC might be a pressing priority for many renters.
The cost of living is certainly making it more difficult to stretch your dollar to cover all of life’s expenses, including debt, groceries, and even rental apartments. But that doesn’t mean it’s impossible to find an affordable unit below the current average.
Read on to discover how to find cheap apartments for rent in Vancouver BC, without sacrificing quality.
How To Find Cheap Apartments For Rent In Vancouver BC
There’s a plethora of online platforms that make it quick and easy to find your next rental. Just plug in a few details, and these digital services will come up with a list of cheap places according to your specifications:
Kijiji
Kijiji has long been used by both owners and renters alike to connect with each other. Just type in your location of choice in the search bar, and Kijiji will populate a list of rentals that match your search terms.
You can also choose from a multitude of filters to narrow down your search, and turn on notifications to get alerted to new listings. Plus, you can see how long the ad has been up, and how many people have visited the listing to see what the potential competition is like.
Padmapper
Padmapper is an online platform designed to help prospective tenants find the perfect apartment for rent, in Vancouver and beyond. You can use the search tools to choose the price point you’re looking at, as well as a host of other filters to help you find a home.
Padmapper will give you a list of the top neighbourhoods in Vancouver and how many apartments are currently listed. There are also some handy links that take you directly to specific types of rentals, including apartments with utilities included, low-income apartments, and pet-friendly units.
Zumper
Millions of renters use Zumper to find rentals. Just type in your neighbourhood of choice, and choose from a variety of options to narrow down the type of rental you’re looking for. Zumper will then populate a list of rentals in real-time, both in a list and map format.
If you see something you like, you can submit an application right from Zumper’s screening service.
Rentals.ca
Use the map-based, user-friendly interface on Rentals.ca to see where all the available rentals are located in and around Vancouver. You can prioritize your search by price to find the best deals on rental apartments, and input all the features that meet your needs. There’s also an app available so you can search for cheap apartments for rent in Vancouver BC on your mobile device.
Facebook Marketplace
You might already be using Facebook to connect with old chums, but you can also use it to find your next apartment. Facebook Marketplace is a platform that lets you peruse current rental listings in various parts of Vancouver.
You can narrow down your search in terms of the number of bedrooms and bathrooms, price, and amenities. There’s even a feature that will notify you when new listings pop up that match your criteria.
Where Are Cheap Apartments For Rent In Vancouver BC?
If you’re looking for cheap apartments for rent in Vancouver BC, then consider focusing on the following neighbourhoods:
Victoria
- Average rent price for a 1-bedroom: $2,107
- Location: South of the downtown core, north along the Fraser River
Kitsilano
- Average rent price for a 1-bedroom: $2,657
- Location: On Vancouver’s west side, south along English Bay
West Point Grey
- Average rent price for a 1-bedroom: $2,784
- Location: On Vancouver’s northwest side, south along the Burrard Inlet
Richmond
- Average rent price for a 1-bedroom: $2,417
- Location: South of Vancouver
Burnaby
- Average rent price for a 1-bedroom: $2,487
- Location: In the center of the Burrard Peninsula, east of Vancouver
Average Rent In Vancouver
According to Zumper, the average rent price apartments in Vancouver are as follows:
| Average Rent | |
| Studio | $1,853 |
| 1-Bedroom | $2,424 |
| 2-Bedroom | $3,026 |
| 3-Bedroom | $3,536 |
| 4-Bedroom | $5,253 |
What If You Can’t Pay Your Rent In Vancouver?
Given the high prices of rent in Vancouver these days, it can be tough to cover rent. If your rent is being increased and you think you’ll be unable to make your next rent payment, consider taking these steps:
Speak To Your Landlord
If you know well in advance that you’ll be unable to make your rent payment next month, let your landlord know. The more advance notice you give your landlord, the better, especially if your landlord depends on your rent payment to cover their own property expenses.
If your financial issues are temporary in nature, then your landlord may be willing to be flexible and give you some extra time to come up with your payment. But if you expect to have a hard time paying your rent over the foreseeable future, you’ll need to look for other solutions.
Pay With Credit Card
Landlords typically prefer cheques, direct deposit, or cash as forms of rent payment. Credit card payments are usually not accepted. But that doesn’t mean you can’t use your card to cover your rent.
There are third-party apps and rent pay platforms, like Plastiq and Letus (powered by RentMoola), that will collect your credit card payments and direct the funds to your landlord. That way, your landlord gets paid, and you can take advantage of the perks that come with paying with plastic, such as earning cashback rewards and building good credit with timely bill payments.
Spread Costs With A Personal Loan
If you don’t have enough in the bank to cover your next rent payment, consider taking out a personal loan. This is a good option for those who are just experiencing temporary financial issues.
With a personal loan, you can get access to funds quickly, and use the money for just about any purpose, including covering your rent payment. Online lenders are best when it comes to speed of approval and funding, especially if your rent payment is due very soon.
If you have good credit, you can snag a relatively low interest rate. But even if your credit isn’t as strong as it could be, there are online lenders out there who will offer you a loan, though your rate will likely be higher.
Once you’ve dealt with your current issues, it may be time to start looking for cheap apartments for rent in Vancouver BC to avoid these financial issues and keep your rent payments at a comfortable level.
How To End A Lease In Vancouver
If you want to end your current lease in favour of a more affordable rental unit in Vancouver, you’ll need to provide your landlord with written notice of your intention to terminate your tenancy. This is true whether you’re on a fixed-term or month-to-month lease.
In Vancouver, tenants must provide landlords with at least 1-month notice before the effective date of the notice, and before rent is due. For fixed-term leases, the notice’s effective date cannot be any earlier than the end date of the lease term.
How To Qualify For Cheap Apartments For Rent In Vancouver BC
No matter what rent prices might be right now in Vancouver, there are things you can do and places you can look to find the best prices on a rental.
Credit Score
Before a landlord fills a vacancy, they want to make sure the new tenant will pay on time. Landlords use a screening process to give them an opportunity to vet prospective tenants.
This is why landlords check the credit scores of applicants. A person’s credit score is an indication of what their payment habits are. A high score typically means the person has been diligent with their bill payments, making them more likely to be responsible with their rent payments.
As such, landlords typically prefer to rent out to people with good credit.
How To Check Your Credit Score For Free In Canada
Before you complete a lease application, check your credit score first. It’s helpful to understand what your credit health is like so you know where you stand.
If your score is high, you have a better chance of securing a lease. But if it’s on the low side, you may want to take some time to improve it to boost your chances of snagging the perfect rental unit.
According to the credit bureau Equifax, a good credit score is anything between 660 to 724.
You can check your credit score for free at CompareHub. If you sign up, CompareHub can also help you find low-interest loans to pay rent based on your financial profile and credit score.
Negotiate
Depending on where you’re looking, it may be tough to find cheap apartments for rent in Vancouver BC. You may stumble upon an awesome place that checks all the boxes, but it may be a bit outside your price range. But that doesn’t mean you should give up on the place just yet.
Depending on your financial and credit profile, you may want to practice your negotiating skills to see if you can get the landlord to shave a few bucks off the rent price. If you’ve got great credit and can prove that you have a history of timely bill payments, that could go a long way toward convincing the landlord to give you a better price.
You can also sweeten the deal for the landlord by offering to pay in full upfront (if financially possible). The worst the landlord can say is no, so it’s worth a shot.
Search During Off Times
People tend to hunt for a rental unit in the warmer months of the year, so you may have more competition during the spring or summer. You may have better luck searching for a new home in the fall and winter months when competition dies down. When demand is low and supply is high, you’ll be in a better position to snag a good deal on a rental.
Consider University Residence
Whether or not you’re a student, you may be able to get a good deal on a rental by looking at university or college residences. This may be a good option if you’re looking for a month-to-month tenancy and not necessarily a long-term stay.
Generally speaking, student residences are relatively vacant from May to mid-August when school terms are over. Owners then open up the bookings to not only students but also travellers and others looking for a short-term stay.
If money is really tight and you don’t mind sharing certain common areas with other renters, consider renting out a unit with shared accommodation. With this type of housing, you would have your own private bedroom, but share the kitchen, living space, and bathroom with other tenants.
Find Cheap Apartments For Rent Across Canada
Final Thoughts
Vancouver is one of the most expensive housing markets in Canada. But there are still good deals to be had. If you’re looking for cheap apartments for rent in Vancouver BC, using online search platforms and ensuring that your credit score is high can help you land a place you can afford.
