Metro Vancouver new rental prices rose slightly this month over last, but dropped year-over-year.
The average rent in August for a newly listed, unfurnished, one-bedroom unit rose by $17, to a new average of $2,378, according to the latest report from rental platform liv.rent.
West Vancouver remains the most expensive to rent one- or two-bedroom unfurnished units in the region, with the newly listed one-bedroom apartments averaging $2,748. Prices for one-bedrooms increased this month over last, climbing $79 from $2,669 in July.
Canada's top five most expensive rental markets are located in Metro Vancouver.
The cheapest Metro Vancouver neighbourhoods for rental housing in August 2024
Renters looking for cheaper options in the Lower Mainland aren't out of luck.
Surrey had the cheapest prices for unfurnished one-, two-, and three-bedroom units for a third consecutive month. One-bedrooms averaged $1,967 or a staggering $781 cheaper than West Vancouver's market; that's a difference of more than $9,300 per year.
Within Surrey there are several neighbourhoods with rents averaging even less. One-bedroom unfurnished units averaged $1,713 in Newton, while Guildford's averaged $1,908 (see slide three).
A couple of other Surrey neighbourhoods also cost under $2,100, including South Surrey ($2,037) and Surrey City Centre ($2,099).
The city of Vancouver was the only other city within Metro Vancouver with a neighbourhood where rents averaging under $2,000. Prices for newly-listed, one-bedroom, unfurnished units averaged $1,965 in Sunset-Victoria-Fraserview (see slide two).
Options in the city climb up significantly after that, with similar units in the next cheapest neighbourhood, Killarney, averaging $2,214. The third cheapest option is Renfrew-Collingwood, with prices averaging $2,223.
The cheapest place to rent newly-listed, one-bedroom, unfurnished units in the Lower Mainland is Abbotsford, with prices averaging $1,631.
