Metro Vancouver renters face the highest prices in Canada but some neighbourhoods offer relief from soaring costs.
Liv.rent's latest rent report showed prices for a newly listed unfurnished, one-bedroom apartment averaging $2,297 in February 2025; the report was issued at the end of the month.
The report's authors noted that four of Canada's top five priciest markets were also in the Lower Mainland. West Vancouver tops the list, with prices averaging $2,725 for unfurnished one-bedroom units new to the rental market in February.
North Vancouver remains the second-most expensive city in Canada for rental-seekers, with the same units averaging $2,572. The city of Vancouver followed in third, with prices averaging $2,468.
Richmond and Burnaby were the fourth and fifth most expensive markets for newly-listed rental units in February 2025, with rents averaging $2,337 and $2,251, respectively.
Do some Metro Vancouver areas have more affordable rental prices?
Some cities offer more affordable average prices, while some neighbourhoods offer cheaper rent (even in cities with overall higher costs).
Surrey is the cheapest place to rent a one-bedroom, unfurnished unit this February, with prices averaging $1,912.
Locals looking for the most affordable prices may want to check out the Fraser Valley. In February, Abbotsford continued to have the lowest prices for one-bedroom units, averaging $1,669.
Langley's Willowbrook neighbourhood typically offers the best value after Abbotsford, with prices averaging $1,975.
Surrey has several low-cost options for folks looking for affordable rent. The cheapest neighbourhood in February for renters in search of a new place to live was South Surrey, with rents averaging $1,976, while Guildford had the next best options, with rents averaging $1,704. Fleetwood had the next best prices, with rents averaging $1,738.
Surrey City Centre also had rents under the $2,000 mark, with prices averaging $1,984 last month.
Burnaby's cheapest neighbourhood is South Slope, with prices averaging $1,932. The next best option is SFU/Burnaby Heights, with prices averaging $2,054.
Richmond didn't have any low-cost options last month; Steveston offered the most affordable average prices at $2,207.
Renters looking for cheaper options in Vancouver proper can often find the lowest prices in Sunset-Victoria Fraserview, with prices averaging $1,970 or a difference of $736 from Downtown Vancouver (the city's priciest area) in February.
Hastings-Sunrise usually offers the next-best value, with prices averaging just over $2,000 at $2,076 last month. Marpole was the third-cheapest choice, with prices averaging $2,153.
