Rental prices decreased slightly overall in Metro Vancouver this April. However, Canada's top five most expensive markets are located in the region.
West Vancouver, North Vancouver, Vancouver, Coquitlam, and Richmond are the most expensive cities to rent a newly-listed, unfurnished one-bedroom unit in Canada this month.
West Vancouver's unfurnished, one-bedroom units, despite average prices for newly listed, one-bedroom units dropping by over $200 in April. In this sky-high market, it now costs an average of $2,595 to rent a one-bedroom unit.
Prices overall saw a downward turn in the Lower Mainland. The average cost to rent an unfurnished, one-bedroom unit decreased by $28 from $2,306 to $2,278 this month, according to the latest report from liv.rent.
Thankfully, several neighbourhoods across the Lower Mainland have rents below the regional average. Several of them cost well under the $2,000 mark, including areas of Surrey, Langley, and Abbotsford. In fact, even one part of Vancouver Proper averaged under $2,000 this month.
Do some Metro Vancouver areas have more affordable rental prices?
Renters looking for the cheapest options will have the best luck in the Fraser Valley, with Abbotsford's prices for newly-listed, one-bedroom rental units averaging $1,576 in April, down from $1,669 in March.
Tenant hopefuls looking to stay in the Metro Vancouver region will find the lowest prices in Surrey. Newton offers the best bang for your buck, with rental prices averaging $1,778. The Guildford area is the next cheapest option, with rents averaging $1,819. Fleetwood and Surrey City Centre are the third and fourth least expensive neighbourhoods, with rents averaging $1,838 and $1,903.
South Surrey is another relatively affordable option, with rents averaging just over the $2,000 mark at $2,020. White Rock's rents averaged only slightly more at $2,038.
Langley offers competitive rents to Surrey's, with Willowbrook's prices averaging $1,921 and Willoughby's averaging $1,986.
Burnaby's Slope Neighbourhood's rent averaged $1,974 and the SFU/Burnaby Heights averaged $2,104. Rents in Central Burnaby averaged $2,278 (right on the regional average).
Richmond's rents soared above the regional average, except in Steveston, with prices averaging $2,074.
Vancouver only had one neighbourhood with rents below the $2,000 mark. Vancouver's Sunset-Victoria-Fraserview neighbourhoods' rents averaged $1,975.
Several other neighbourhoods in Vancouver also averaged just above $2,000. For instance, the Hastings-Sunrise area averaged $2,008, Renfrew-Collingwood averaged $2,119, Killarney averaged $2,124, and Marpole averaged $2153. Kerrisdale's rents averaged $2,242.
