It’s a given that renting in Vancouver is expensive. While prices have increased, rental trends continue to trend lower year-over-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.
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Lower Prices
According to liv.rent, rental prices for furnished, one-bedroom units have declined across Metro Vancouver in April. The average rent price for this type of unit fell by 0.95%, whereas unfurnished units went up by 1.38%. As of now, a furnished one-bedroom unit rents for more than an unfurnished one-bedroom unit, in spite of the price changes.
Cheapest Rent In Metro Vancouver
liv.rent reports that a number of cities have seen changes in average rent prices in April. Overall, all unfurnished one-bedroom rental prices increased across most neighbourhoods. The only exceptions are Burnaby, New Westminster, and North Vancouver. More notably, all furnished and unfurnished units in Vancouver increased in price except for furnished three-bedrooms.
The average rent per square foot in April is currently at $2.90. For the least expensive rent per square footage, you’ll want to head to Surrey ($2.05), Langley ($2.63), and Richmond ($2.68).
As for the cheapest unfurnished one-bedroom unit, you should rent in Surrey for an average of $1,709. For a furnished, one-bedroom unit, you’ll want to head to Langley, as it costs $1,683.
In spite of all these price increases, liv.rent notes that “core Vancouver rents continue to trend lower year-over-year.” Moreover, “Surrey and Fraser Valley areas remain significantly cheaper and continue to ease.”
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 to rent in are all located in Metro Vancouver, according to liv.rent.
This includes West Vancouver, North Vancouver, Vancouver, Burnaby, and Richmond.
With hope, rental prices will continue to drop throughout the month. In the meantime, renters should head to Surrey or 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.
