Rent prices are always fluctuating in Vancouver, so it should be no surprise that things have changed this August. Some places have gotten cheaper, whereas others have gotten more expensive.
If you’re looking to rent somewhere in the city, then here are the cheapest places to rent in the Metro Vancouver.
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Shifting Prices
According to liv.rent, the average asking rent for an unfurnished one-bedroom unit in Metro Vancouver was $2,098 in August. This is up slightly from July, although still $107 below the previous year’s prices.
“Average prices for both furnished and unfurnished one-bedroom units increased across Metro Vancouver this month,” explains liv.rent. “Furnished one-bedrooms increased 0.34% to $2,181 per month, while unfurnished units increased 0.45% to $2,098. A furnished one-bedroom currently rents for $83 more per month than an unfurnished one on average.”
Cheapest Rent In Metro Vancouver
liv.rent reports that a number of cities have seen notable changes in average rent prices in August. Across Burnaby, Surrey, North Vancouver, and New Westminster, unfurnished unit types saw prices increase. Moreover, Vancouver and Burnaby saw all furnished unit types increase, as well.
The average rent per square foot in August went up to $3.14. For the least expensive rent per square footage, you’ll want to head to Richmond ($2.28), Langley ($2.97), and New Westminster ($2.99).
As for the cheapest overall, an unfurnished, one-bedroom unit, will run you an average of $1,767 in Langley. For an furnished, one-bedroom unit, you’ll want to rent in Surrey for $1,748.
Still Super Expensive
Shocking absolutely no one, Metro Vancouver is still considered Canada’s most expensive place to rent. Four of the most expensive cities in Canada are all located in Metro Vancouver, according to liv.rent.
This includes West Vancouver, North Vancouver, Vancouver, and Burnaby. The only non-Metro Vancouver city in the list is Burlington, Ontario.
With hope, rental prices will start to drop throughout the month. In the meantime, renters should head to Surrey and Langley 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.
