If you have searched for a place to rent in Metro Vancouver, you might feel the options are limited.
But according to a new report, prices across the region have decreased this month over last, albeit very modestly.
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 Lower Mainland 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.
Rental prices in the City of Vancouver increased, however, rising by 7.7 per cent to $2,430 for an unfurnished one-bedroom apartment. That said, North Vancouver has overtaken B.C.'s largest city to become the most expensive rental market with one-bedroom units averaging $2,509.
Renting in other Metro Vancouver communities: Cheapest neighbourhoods
In July 2022, folks looking to rent in the City of Vancouver will find the best bang for their buck in the Renfrew neighbourhood, with one-bedroom unfurnished units averaging $1,844. The second most economical option is the South Vancouver neighbourhood, with units averaging $1,854.
Of course, locals looking for less impact on their wallets should shop outside of Vancouver, as there are several cheaper options in Surrey, Richmond, and Langley. That said, prices in Burnaby aren't exactly cheaper than in Vancouver. While they don't match Vancouver's highest prices (try Fairview's jaw-dropping $2,618 average one-bedroom monthly price tag), July rent for the Metrotown neighbourhood costs $2,257 on average for the same sized unit.
In contrast, Surrey offers several comparatively low-cost options. The Fleetwood neighbourhood offers the best bang for your buck, with rent averaging $1,413 this July. Guildford isn't much more expensive, with rent averaging $1,484. Newton is another economical option, with one-bedroom units averaging $1,567.
Richmond's Steveston area averaged $1,510 this July, with Brighouse/City Centre averaging $1,747.
Locals who rent in Langley have options in Willowbrook and Willoughby averaging $1,641 and $1,671, respectively.
Liv.rent did not supply neighbourhood breakdowns for Abbotsford, North Vancouver, or West Vancouver.
