Oh, Vancouver. There’s a lot to love about the city. From its nightlife to the food, to the hiking trails to its mild weather, Vancouverites are never short on something to enjoy here.
But if there’s one thing a Vancouverite detests about the city: it’s that it’s expensive. Vancouver rent costs are especially brutal if you’re living alone, and then there’s all the other costs of living that come with living on the West Coast. Fortunately, things are looking up for renters this year.
COMPARING THE STATS
Last April, Liv Rent reported that the average Metro Vancouver renter dedicates more than 60% of their monthly income on rent. What’s more is that rates for furnished one-bedroom units also rose significantly, mirroring 2023’s trends. That’s a pretty bleak thing to learn and live through, but that was a year ago– things have certainly changed since then.
Liv Rent’s report for March 2025 tells a different story, and one that renters will find especially uplifting. In general, Vancouver saw average prices for all unit types fall. Although areas like Richmond and Coquitlam saw prices fall for only unfurnished and furnished types respectively, it was Vancouver that saw the ultimate decrease.
A RELIEF FOR THE PAYCHEQUE
Rejoice, renters! Overall, rental prices are down from 2024’s report. Compared to March 2024’s report to 2025’s, average prices are down $143 for a furnished one-bedroom unit, and down $31 for an unfurnished one-bedroom unit, as well.
Of course, there are some municipalities whose rent costs have risen since 2024– notably West Vancouver and Vancouver– but what is important to remember is that, as a whole, costs are declining.
Liv Rent also notes that “many… believe that rent and home prices may continue to fall through 2025” due to the Bank of Canada’s lowering of the target overnight rate to 3.00%. Hopefully these trends will continue, and Metro Vancouver renters can finally breathe a sigh of relief from their renting costs.
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