According to a new report, Vancouver is no longer Canada's most expensive city to rent an apartment in. But the most expensive city an apartment in this July isn't exactly far away, either.
Liv. rent, a rental platform based in Vancouver, has released its July 2022 Metro Vancouver Rent Report, which notes that average rent prices across Metro Vancouver have dropped slightly ($27) from June.
According to the most recent data, the average cost to rent an unfurnished, one-bedroom unit in the region is $2,029 for July; this price marks the first time in several months that overall prices for the region have decreased month-over-month.
In the City of Vancouver, however, rental prices have increased by an average of 7.7 per cent this July. Despite this growth, B.C.'s largest city is no longer Canada's most expensive city to rent a one-bedroom apartment in this July.
North Vancouver is now the most expensive city in the country, with unfurnished, one-bedroom units costing an average of $2,509 per month.
Metro Vancouver apartments for rent: average rent by listing type
North Vancouver has taken the title of Metro Vancouver’s most expensive municipality for both furnished and unfurnished one-bedroom units. According to Liv.rent, an unfurnished one-bedroom apartment in the city will cost an average of $2,509 in July while a furnished one will cost $3,557.
The City of Vancouver saw prices for unfurnished one-bedroom apartments increase this month over last, with costs climbing to $2,430 in July. West Vancouver isn't far behind, with one-bedroom units costing an average of $2,360 this month.
Burnaby was the fourth most expensive city in which to rent this July, with one-bedroom units costing an average of $1,997. Richmond was only slightly less expensive, with unfurnished one-bedrooms rentals averaging $1,967.
Langley has replaced Surrey as the cheapest place to rent unfurnished, one-bedroom units at an average of $1,622 per month.
Rent Vancouver: Pricing by neighbourhood
This July, Fairview has taken the title of Vancouver’s most costly neighbourhood at an average of $2,618 per month for an unfurnished, one-bedroom unit. Downtown Vancouver is only slightly less expensive, however, with prices averaging $2,598 this month.
The third most expensive neighbourhood to rent a one-bedroom unit this July was Kitsilano, with apartments averaging $2,473. Shaughnessy had the fourth priciest rentals, averaging $2,449.
