It’s no surprise that it’s expensive to rent in Metro Vancouver. But things have certainly been changing in the rental landscape, with prices heading down since last year.
If you’re looking to rent somewhere in the city, then we break down everything you need to know about their prices in Metro Vancouver.
Heading Down
According to liv.rent, rental prices have lowered in January. Currently, the average rent price for an unfurnished, one-bedroom unit has gone down by $9. liv.rent also notes that “since January 2025, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has decreased by $182.”
Cheapest Rent In Metro Vancouver
liv.rent reports that a number of cities have seen notable changes in average rent prices in January. Places like New Westminster (-8.63%), Coquitlam (-3.66%), and Vancouver (-3.13%) saw the biggest decreases. On the other hand, West Vancouver (4.36%), Richmond (2.58%) saw increases.
Luckily, the average rent per square foot in January went down to $3.05. For the least expensive rent per square footage, you’ll want to head to Surrey ($2.49), Coquitlam ($2.80), and Langley ($2.76).
As for the cheapest overall, an unfurnished, one-bedroom unit will run you only an average of $1,724 in Surrey. For a furnished, one-bedroom unit, you’d also want to rent in Surrey, as it costs quite similarly at $1,772.
Still Super Expensive
Shocking absolutely no one, Metro Vancouver is still considered Canada’s most expensive place to rent. In fact, the top 5 most expensive cities in Canada are all in Metro Vancouver, according to liv.rent.
West Vancouver, North Vancouver, Vancouver, Burnaby, and Richmond have taken the crown as being the priciest spots to rent in the country.
With hope, rental prices will continue to drop throughout February. In the meantime, renters should head to Surrey if they want the cheapest rent in Metro Vancouver.
Looking for more on B.C. and Canada’s housing market? Check out our Real Estate section to keep up-to-date with all things home-related.
