Metro Vancouver rent prices have fallen for the third consecutive month but are still the highest in the country.
Rental prices for a newly-listed unfurnished, one-bedroom apartment fell $21 from $2,362 to $2,341 this month, according to liv.rent's latest report. In December 2022, however, prices averaged $114 less, costing $2,227.
In November, prices fell $44 from $2,406 in October, marking the second rental price drop following several months of increases.
The city of Vancouver continues to see the highest rental prices in Canada, with unfurnished, one-bedroom units hitting the rental market at a jaw-dropping monthly average of $2,659.
All of Canada's top five priciest markets are located in Metro Vancouver, except for the fourth most expensive city in which to sign a new rental lease, which is Markham, Ontario.
Since the busy summer months, "demand has dropped significantly" and rental prices have hit their lowest point since June, according to liv.rent.
On Oct. 25, the Bank of Canada announced it would "maintain the target overnight rate," which may have also contributed to decreasing rent costs in the Lower Mainland.
Metro Vancouver apartments for rent: Average rent by listing type
For one-bedroom, unfurnished units, Vancouver proper has the most costly rental prices. But West Vancouver, which had the highest prices in Canada in November, wasn't far behind; the former sits at $2,659 while the latter averaged $2,613. That said, West Vancouver experienced the most significant drop in prices, with newly-listed units falling an average of -4.62 per cent this month over last.
North Vancouver was the third priciest market in the region and across Canada, with its units averaging $2,597 this December. Its units also saw a decrease in costs, although the overall was modest compared to West Vancouver (-0.98).
Richmond is the fourth most expensive place to rent an unfurnished, one-bedroom unit in Metro Vancouver, and the fifth priciest city to rent in across the country. Its units averaged $2,456, representing a 2.3 per cent increase this month over last.
On the other end of the spectrum, Langley continues to offer the lowest rental prices in the region, with prices for new listings averaging $1,909 a month. However, this price point marks an increase since November, when prices averaged $1,889.
Now, Surrey's rental costs aren't that much higher than Langley, with units averaging $1,984 this December. Previously, renters in Surrey faced costs exceeding the $2,000 mark.
Folks looking for furnished units will face the steepest costs in North Vancouver where rental prices average $3,242 for a one-bedroom unit.
Vancouver has the second-most-expensive market for furnished units, with prices averaging $3,062. West Vancouver follows in third, with units costing an average of $2,892.
Langely and Surrey are the most affordable options, with units averaging $2,174 and $2,194, respectively.
Liv.rent notes that prices for furnished units cost an average of 264 more than unfurnished ones, indicating that landlords with furnished units "will typically be able to charge more for rent."
Vancouver rent by neighbourhood in December
Locals looking to rent in Vancouver proper shouldn't hold their breath for any truly sweet deals.
The Renfrew-Collingwood neighbourhood offers the cheapest options in the city, with unfurnished, one-bedroom units starting at $2,206. Fairview is the second-most-affordable spot, with units averaging $2,634.
The Dunbar-Arbutus neighbourhood is now the priciest place to rent in the city, with its units averaging an eye-watering $3,514.
