If you are hoping to find some cheap rent this fall, you might want to shop outside of the city.
While there are some cheaper options available in Vancouver, the price for an unfurnished one-bedroom rental unit has increased again, averaging $2,594 in November.
Other cities have strikingly lower average rental prices. This month, the cost for an unfurnished one-bedroom rental unit in Abbotsford costs $1,522 -- roughly one-and-a-half times less than Vancouver prices.
But renters across the Lower Mainland face higher rental prices this month.
Metro Vancouver rental prices have risen again this November, climbing to an average of $2,317 for an unfurnished one-bedroom rental unit, according to Liv.rent's latest rent report.
Across Canada, North Vancouver is now the most expensive city in which to rent an unfurnished one-bedroom unit, at an average of $2,760. West Vancouver isn't far behind, with units averaging $2,655.
Vancouver is in the third spot, while Richmond rounds out the top four, with units averaging $2,446.
The cheapest Metro Vancouver neighbourhoods for rental housing in November 2022
This November, folks looking to rent in the City of Vancouver will find the best bang for their buck in the Renfrew neighbourhood, with unfurnished, one-bedroom units averaging $2,033 per month.
Continuing October's trend, no neighbourhoods in the city average under $2,000 per month for rent. Historically, the Renfrew neighbourhood has had prices well under this benchmark.
Locals looking for lighter impacts on their wallets will want to venture outside of the city. As was mentioned earlier, Abbotsford has the lowest average rental prices this month, at $1,522.
Renters who aren't willing to move to the Fraser Valley can find other low-cost options in Surrey. For example, both the South Surrey and Newton neighbourhoods averaged $1,733 this month for a one-bedroom rental unit. Guildford is also an affordable option, at $1,807.
Langley's Willowbrook neighbourhood averaged $1,833 while its Willoughby neighbourhood averaged $1,900.
