If you are looking for areas where you may be able to get more bang for your buck, there is a new report outlining the latest trends in the rental market.
According to the latest rent report from liv.rent, rental prices in Metro Vancouver are up just slightly from last month. Unfortunately, prices have continued to slowly increase in the last four months.
Based on the report though, here’s how to find where the cheapest rental areas currently are.
The price differences for an average rental property across various neighbourhoods can range as much as $1,011. The report shows that renters are more active in the second and third quarter of the year in Vancouver. During this time, there is less vacancy and higher prices.
When fall hits, students return and there is a bit more of a “cooling down” period. As a result you can see a slight dip in both availability and demand as we near the holidays.
For those that are looking to rent in the last quarter, that may be a good or bad thing…depending on which side of the coin you are on.
Average cost of rent in Metro Vancouver by neighbourhood in December
From the map it appears that currently the most affordable place to rent is in Newton, Surrey. Here you can get an unfurnished one-bedroom for $1,169 on average. The next affordable option is Abbotsford.
If you don’t need to stay more central Steveston, Richmond is the third most affordable averaging $1,440 for rent.
The most expensive neighbourhoods probably come with no surprise. Downtown Vancouver is the most expensive, with West Vancouver trailing a close second.
In the main Vancouver area, East Vancouver is a bit pricier than South Cambie area. In terms of looking away from the Vancouver hub, South Surrey is relatively expensive compared to its surroundings.
Depending on which area you want to live in, it may be helpful to compare based on when you want to rent. You can see the full report here.
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