A simple fact of life in Vancouver is that it’s expensive to rent anywhere. Thankfully, things have been changing in the rental landscape as prices continue to head down when compared to 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 remained below last year’s peak levels this February. The average rent price for an unfurnished, one-bedroom unit has declined by -9% when compared to February 2025. liv.rent notes that “unfurnished two-bedroom rents also softened showing core pricing falls below 2025 levels.”
Cheapest Rent In Metro Vancouver
liv.rent reports that a number of cities have seen notable changes in average rent prices in February. Places like New Westminster (-7.37%), Surrey (-2.48%), and West Vancouver (-1.74%) saw the biggest decreases. On the other hand, Langley (3.67%), Richmond (2.14%) saw increases.
Luckily, the average rent per square foot in February went down to $3.01. For the least expensive rent per square footage, you’ll want to head to Surrey ($2.41), Coquitlam ($2.82), and Langley ($2.66).
As for the cheapest overall, an unfurnished, one-bedroom unit will run you only an average of $1,692 in Surrey. For a furnished, one-bedroom unit, you’d also want to rent in Surrey, as it costs quite similarly at $1,728.
Still Super Expensive
Shocking absolutely no one, Metro Vancouver is still considered Canada’s most expensive place to rent. But in a twist, it turns out that the top 5 most expensive cities in Canada are no longer all Metro Vancouver locations, according to liv.rent.
That title now belongs to West Vancouver, North Vancouver, Vancouver, Markham, and Burlington.
With hope, rental prices will continue to drop throughout the month. 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.
