Good news, renters. Rental prices are continuing to steadily decline across the entire region.
Although, one city gets the title of cheapest– and it might not be where you’re expecting it to be.
DOWNWARD TRENDS
It’s been a fairly good year for renters thus far. Rental prices have sustained a downward trend, although there have been some slight increases here and there. In general, rental costs have been heading down, which some attribute to the Bank of Canada “maintain[ing] the target overnight rate at 2.75%.”
This month, rental prices for an unfurnished, one-bedroom unit have dropped by $26, reports liv.rent, with the new average at $2,206. For furnished, one-bedroom units, prices have plummeted $172!
CITY BY CITY; LANGLEY RENT
Wondering where your city falls in rental data? Depending on what you’re renting, it differs.
liv.rent reports that average prices have dropped for three-bedroom units in all cities except Surrey. Additionally, Richmond and Vancouver “saw average price drops across the board for one-, two-, and three-bedroom furnished units.”
And as for the cheapest city to rent in? That title would belong to Langley’s unfurnished, one-bedroom units with a steep decrease of 13.8% compared to its January prices. “The downturn began mid-year,” notes liv.rent, “with May 2025 marking the first month of year-over-year decline for this unit type.”
Moreover, “Langley and Burnaby saw average price drops across the board for all unfurnished unit types.”
STILL PRETTY EXPENSIVE
This is still Metro Vancouver, though– don’t be mistaken. Prices here are still expensive when compared to the rest of the country, and the numbers certainly don’t lie.
Four of Canada’s most expensive cities are located within Metro Vancouver, including West Vancouver, North Vancouver, Vancouver, and Richmond.
Still, rental prices continue to drop, and will hopefully continue throughout the year. If you’re looking for a place to move to, based on these reports, Langley rent might be the most affordable option.
