Metro Vancouver rent prices climbed slightly since last month but have dropped again year-over-year.
The average rent price 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 liv.rent.
In August 2023, the same units cost $28 more, averaging $2,406.
"The Bank of Canada’s most recent announcement on July 24 indicated that it would lower the target overnight rate, which has led many to believe that rent and home prices may fall through the remainder of 2024," notes liv.rent.
Canada's top five most expensive cities to rent in are all located in Metro Vancouver this August.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remains the most expensive to rent one- or two-bedroom unfurnished units in the region, with the former renting for an average of $2,748. Prices for one-bedrooms increased this month over last, climbing $79 from $2,669 in July.
North Vancouver had the second priciest one-bedroom rental market, with its units averaging $2,680 (a $39 increase since July). Vancouver's market was the third most expensive, with its one-bedrooms averaging $2,590 (down $17 from July's average).
Burnaby had the fourth most expensive market, with one-bedroom unfurnished units averaging $2,447. Richmond rounded out the top five priciest markets, with its units averaging $2,427.
On the other end of the spectrum, Surrey had the cheapest prices for one-, two-, and three-bedroom, unfurnished units. One-bedrooms averaged $1,967 or a staggering $781 cheaper than West Vancouver's market.
Liv.rent notes that Surrey's generally more affordable market saw a sharp uptick in prices in August 2023, with prices averaging 27.1 per cent more than in August 2022. However, this year's prices dropped a sizable 11 per cent in August 2024.
Renters looking for already furnished units can find the cheapest options in Langley, with the lowest average rent prices in one-, two-, and three-bedroom options.
Vancouver rent by neighbourhood in August
Vancouver's most expensive neighbourhood is West Point Grey/UBC, with a newly listed, unfurnished one-bedroom unit renting for $3,191.
Downtown Vancouver is the second priciest neighbourhood to rent in, with one-bedroom units averaging $2,814. Shaughnessy's units averaged only slightly less, at $2,745.
The same type of unit rents for an average of $1,965 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview.
