Report says income, not rent, determines rental affordability in Vancouver

Vancouver renters spend 27.7 per cent of their household income on rent, slightly below the national average of 28.1 per cent, according to SingleKey’s Rent Cheque: 2026 Rental Intelligence Report. The figure is down from 33.9 per cent last year, even as Vancouver remains Canada’s most expensive rental market.

SingleKey, a Canadian rental risk intelligence platform, says Vancouver has the highest average household income among major cities, at $154,162, up 2.5 per cent year over year. The report says income growth rather than rent levels is now the main determinant of affordability. It says some secondary markets with lower rents place a greater financial burden on renters because incomes have not kept pace with housing costs.

Sharing housing costs through dual-income households, roommates or co-signers can significantly improve affordability, the report says. It adds that larger households increasingly reflect unrelated adults sharing rent as well as traditional family formation.

The report puts the median age of Canada’s typical renter at 33 and says most are employed full time; 12 per cent have children and 28 per cent have pets. In B.C., the median renter age is 34 and self-employed renters account for 6.9 per cent, the highest provincial share. SingleKey says 76.6 per cent of Vancouver renters work full time, contributing to greater income stability despite high rents.