It may be a buyer’s market right now, but what about renters? If you’re wondering how the renting scene is looking like in Metro Vancouver right now, we answer all your burning questions– especially where the rent is the cheapest.
ON THE DECLINE
Good news, renters: much of Metro Vancouver’s rental prices have been on a steady downward trend.
On average, Metro Vancouver rent prices are down by $35 for an unfurnished, one-bedroom unit, making the average cost $2,171. Comparing this to September 2024’s numbers, and 2025’s costs have decreased by $199. If you’re looking for a furnished, one-bedroom unit, then you’ll be paying about $90/month more on average.
CHEAPEST RENT IN METRO VANCOUVER
liv.rent reports that “all types of unfurnished units in Vancouver saw a decrease while all types of furnished units in the same area saw an increase.” Moreover, all areas of Metro Vancouver– except for Langley, Coquitlam, and New Westminster– saw a decrease in rent for all unfurnished, one-bedroom units.
Additionally, neighbourhoods like Surrey and South Vancouver have had consistent declines in their renting costs. Notably, “Surrey has recorded year-over-year declines in 1-bedroom unfurnished rents every single month.”
What’s more is that, in September, Surrey had the steepest rental price drop with an average of -11.4%.
It may not be surprising to know that, with all these price drops, that Surrey is currently the cheapest neighbourhood to rent in Metro Vancouver at $1,789/month for an unfurnished, one-bedroom unit. The second cheapest listing is Langley at $1,866/month with a difference of $77 compared to Surrey.
STILL THE MOST EXPENSIVE
Unsurprisingly, Metro Vancouver still has some of Canada’s most expensive places to rent.
Out of the top five highest rental costs in the country, the top four are occupied by Lower Mainland neighbourhoods. First place is taken by West Vancouver, and then North Vancouver, Richmond, and Vancouver. Tailing behind is the one Ontario neighbourhood– Markham.
Hopefully, rental prices will continue to drop throughout the year. If you’re looking for a new place to move to, then your best and cheapest bet would be in Surrey.
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.
