Skip to content
Join our Newsletter

Here's how much it costs to rent a one-bedroom apartment in Metro Vancouver this July

Metro Vancouver is the most expensive place to rent an apartment in Canada.

Metro Vancouver rent prices have fallen for the first time year-over-year since 2021.

The average rent price in July for a newly listed, unfurnished, one-bedroom unit dropped by $16, to a new average of $2,361, according to the latest report from liv.rent. 

In June, renters paid an average of $2,377 for the same type of unit, while in May they paid $2,367 ($10 less than June's average).

The $16 drop represents the first time year-over-year rental prices for unfurnished units have dropped since March 2021. Compared to July 2023, these units have decreased by $20, from $2,381 to $2,361. 

Metro Vancouver apartments for rent: Average rent by listing type

West Vancouver remains Canada's priciest city, with prices for newly listed, unfurnished one-bedroom units averaging $2,669. While it is the most expensive city, average prices have decreased month-over-month, dropping $25 since June. 

North Vancouver has the second most expensive rent for one-bedroom unfurnished units, averaging $2,641, down $41 from June.

Vancouver remains the third-priciest place to rent in Metro Vancouver and the county, with prices averaging $2,607. However, it had the region’s highest rent prices in terms of cost per square foot.

Vancouver ($3.97/sq. ft.) leads the region with cost per square foot, with Burnaby ($3.62/sq. ft.) and North Vancouver ($3.49/sq. ft.) trailing behind.

Burnaby was the fourth-priciest place to rent, with new listings for units averaging $2,477 a month, while Richmond rounded out the top five, with units averaging $2,459.

For the second consecutive month, Surrey had the lowest average rent prices for unfurnished one-, two-, and three-bedroom units.

Vancouver rent by neighbourhood in July 

West Point Grey/UBC is Vancouver's most expensive neighbourhood, with newly-listed, one-bedroom unfurnished units renting for an average of $3,018 a month.

Downtown Vancouver was the second-priciest place to rent, with units averaging $2,902. Shaughnessy was the third most expensive, with its units averaging $2,799.

Hastings-Sunrise remains Vancouver's cheapest neighbourhood with units averaging under the $2,000 mark. Prospective tenants can browse newly listed rentals averaging $1,996 in July - a $1,022 difference in price for the same type of unit in West Point Grey/UBC.