Royal Rentals: Vancouver trumps London for rental market affordability
Tag on ‘xit’ to anything these days and you’re bound to divide opinion with the latest being Megxit and the departure of Meghan and Harry to Canada.
While upping sticks and starting a new life on a whim is lovely for some, there are a fair few other obstacles in place for the average Joe before taking the plunge, like a job to provide income, visas and somewhere to live.
With this in mind, leading lettings management platform Howsy has looked at the rental market in Vancouver and how it compares to London for rental affordability for those of us that can’t afford to expand our property portfolio to one house domestically, let alone a second or third elsewhere around the globe.
Yes, we know, Frogmore Cottage isn’t in London but the city is the main home of the Royals and a better comparison for Vancouver. Although that said, Windsor is home to an average rent of £1,228 a month making it still 41% more expensive than Vancouver.
With the current average UK rent at £684 a month, it’s 18% more expensive to rent here than it is in Canada, where the average rent costs £564 a month on average.
However, London and Vancouver both come in considerably higher than these national average, with the average rent in Vancouver costing tenants some £728 per month, while London is 57% higher at £1,697!
In fact, this is the case pretty much regardless of the property size, with both a studio flat or two-bed costing 54% more in London, a three-bed setting you back 56% more and a four-bed or bigger costing a eye-watering £3,104 a month in the capital, 64% more than Vancouver where it will only set you back £1,129 a month.
But as we know, London is a big place and the rental market varies massively from one borough to the next, as is the case in Vancouver.
The pinnacle of the London rental market where rental prices are concerned is undoubtedly Kensington and Chelsea, with the average tenant paying a huge £3,053 a month on average! In Canada, it’s West Vancouver that commands the highest rental price, but at just £1,118 a month, Kensington and Chelsea is 173% more expensive! It gets worse, with Westminster coming in some 229% more expensive than North Vancouver and Camden rents climbing 224% above Vancouver’s third-highest most expensive rental market, Richmond.
Even where the cheapest rental locations are concerned, Vancouver comes out on top, with Bexley the cheapest in London but still 96% more expensive than Vancouver’s Langley.
Founder and CEO of Howsy, Calum Brannan, commented:
“Harry and Meghan have fled the country and who can blame them, with Vancouver offering a more relaxed pace of life, less pollution and, much better rental market affordability.
Of course, they probably aren’t renting, and affordability would be the last thing on their minds if they were, but with constant talk of London’s rental affordability, it’s always interesting to see just how much the capital matches up to other cities around the world both where property size and location are concerned.
Long story short, if you’re struggling to get by in London, head to Vancouver. You’re unlikely to make the same sort of stir upon arrival, but you’ll have more money in your pocket at the end of the month”
|
Overall Average Rental Costs
|
||||
|
Area
|
Average monthly rent
|
Area
|
Average monthly rent
|
Difference (%)
|
|
United Kingdom
|
£684
|
Canada
|
£564
|
18%
|
|
England
|
£852
|
British Columbia
|
£674
|
21%
|
|
London
|
£1,697
|
Greater Vancouver
|
£728
|
57%
|
|
Windsor
|
£1,228
|
Greater Vancouver
|
£728
|
41%
|
|
Overall Studio Flat Rental Costs
|
||||
|
Area
|
Average monthly rent
|
Area
|
Average monthly rent
|
Difference (%)
|
|
United Kingdom
|
x
|
Canada
|
x
|
|
|
England
|
£640
|
British Columbia
|
£450
|
30%
|
|
London
|
£1,017
|
Greater Vancouver
|
£471
|
54%
|
|
Overall Two-Bed Rental Costs
|
||||
|
Area
|
Average monthly rent
|
Area
|
Average monthly rent
|
Difference (%)
|
|
United Kingdom
|
x
|
Canada
|
x
|
|
|
England
|
£791
|
British Columbia
|
£681
|
14%
|
|
London
|
£1,665
|
Greater Vancouver
|
£759
|
54%
|
|
Overall Three-Bed Rental Costs
|
||||
|
Area
|
Average monthly rent
|
Area
|
Average monthly rent (CAD)
|
Difference (%)
|
|
United Kingdom
|
x
|
Canada
|
x
|
|
|
England
|
£907
|
British Columbia
|
£814
|
10%
|
|
London
|
£2,081
|
Greater Vancouver
|
£919
|
56%
|
|
Overall Four-Bed+ Rental Costs
|
||||
|
Area
|
Average monthly rent
|
Area
|
Average monthly rent (CAD)
|
Difference (%)
|
|
United Kingdom
|
x
|
Canada
|
x
|
|
|
England
|
£1,589
|
British Columbia
|
£974
|
39%
|
|
London
|
£3,104
|
Greater Vancouver
|
£1,129
|
64%
|
|
Overall Most Expensive Areas
|
||||
|
London
|
Average Rent
|
Vancouver
|
Average Rent
|
Difference (%)
|
|
Kensington and Chelsea
|
£3,053
|
West Vancouver
|
£1,118
|
173%
|
|
Westminster
|
£3,018
|
North Vancouver
|
£917
|
229%
|
|
Camden
|
£2,536
|
Richmond
|
£782
|
224%
|
|
Overall Most Affordable Areas
|
||||
|
London
|
Average Rent
|
Vancouver
|
Average Rent
|
Difference (%)
|
|
Bexley
|
£1,106
|
Langley
|
£563
|
96%
|
|
Croydon
|
£1,136
|
New Westminster
|
£613
|
85%
|
|
Sutton
|
£1,167
|
Surrey
|
£615
|
90%
|
You May Also Enjoy
Propertymark backs move to commonhold
Phasing out leasehold flats is the right thing to do
Deposit Disputes Are Rising – Are Baths to Blame?
Inheritance tax haul grows as more families are dragged into the tax net
The 10 biggest homebuyer turn-offs
