It’s no surprise that it’s expensive to rent in Metro Vancouver. But things have certainly been changing in the rental landscape, with prices heading down since 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 Up
According to liv.rent, rental prices have risen in October. Although in months prior the cost of renting in Metro Vancouver has been on a steady downward slope, this uptick has brought the price average up by $52 for an unfurnished, one-bedroom unit. The new average is now $2,223.
It is important to note that “since October 2024, Metro Vancouver’s average rate for an unfurnished one-bedroom unit has decreased since $58.” So, while prices may have increased this month, current renting costs are lower overall when compared to 2024.
Cheapest Rent In Metro Vancouver
liv.rent reports that a number of cities have seen notable changes in average rent prices in October. Places like Burnaby (-3.08%), Langley (-1.87%), and Vancouver (-1.00%) saw the biggest decreases. On the other hand, North Vancouver (6.58%), Richmond (6.47 %), and Coquitlam (5.15%) saw considerable increases.
Luckily, the average rent per square foot in October went down to $3.05. For the least expensive rent per square footage, you’ll want to head to Surrey ($2.32), West Vancouver ($2.65), and Langley ($2.81).
As for the cheapest overall, an unfurnished, one-bedroom unit will run you only an average of $1,801 in Surrey. For a furnished, one-bedroom unit, you’d also want to rent in Surrey, as it costs even cheaper at $1,798.
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 are all in Metro Vancouver, according to liv.rent.
West Vancouver, North Vancouver, Vancouver, Richmond, and Burnaby have taken the crown as being the priciest spots to rent in the country. Just in September, Markham, Ontario was in fifth place, but it seems that B.C. can’t help but take the cake.
With hope, rental prices will drop back down throughout November. 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.
