Metro Vancouver rent prices have climbed this month and there is only one neighbourhood that averages under $2,000 for unfurnished one-bedroom units new to the rental market.
Prices for newly listed units in Metro Vancouver increased by $12 to a new average monthly rate of $2,379, according to the latest report from Liv.rent. All of the top five priciest markets in Canada are located in the region.
North Vancouver is now the most expensive city in which to rent an unfurnished one-bedroom unit in Canada, with its new-to-market units averaging $2,802 a month in February; it also had the highest prices for two- and three-bedroom units.
Renters don't have any affordable options in the City of Vancouver this February, either. The city is now the third-most-expensive Canadian rental market, with one-bedrooms averaging $2,642 a month.
Even historically cheaper areas, such as Sunset-Victoria Fraserview, have climbed above the $2,000 mark in Vancouver proper, with prices for one-bedroom dwellings averaging $2,131 (as shown on slide two).
Other parts of the city see drastically pricier options, such as in Oakridge, where prices have risen to an eye-watering $3,119 for the same units.
Where can I find cheap rent in Metro Vancouver?
Folks looking for "cheaper" rent in Vancouver proper should browse options in the Killarney and Kerrisdale neighbourhoods, where rent averaged $2,133 over the month for units just hitting the for rent listings.
Abbotsford, which typically offers the best bang for your buck, saw prices shoot up this month. Units in the Fraser Valley city averaged $2,182 for February, which is a staggering $584 higher than last month's average of $1,598 (as shown on slide 3). It also represents the first time prices have climbed above the $2,000 mark in the Fraser Valley.
The only neighbourhood where renter-hopefuls can browse prices averaging below $2000 is South Surrey; the neighbourhood's one-bedrooms averaged $1,750 this February.
Surrey typically has a couple of options under $2000. However, even low-cost areas, such as Newton, have climbed in price. The neighbourhood's units averaged $2,378, which is well above last month's $1,955.
Surrey City Centre offered the second-cheapest option, with prices averaging $2,196.
