Metro Vancouver rent prices have cooled off slightly...but they aren't exactly affordable.
Locals looking to score cheap housing may find they aren't afforded many options this October, despite prices falling for the first time in six months. Now, the average price for a one-bedroom, unfurnished unit is $2,406, down $32 from September's average of $2,438, according to liv.rent's latest report.
Vancouver retains the top spot as the country’s most expensive place in which to rent, with its unfurnished, one-bedroom units averaging $2,831. North Vancouver follows in second, with its units averaging $2,680.
West Vancouver rounded out the top three, with its spots averaging $2,582.
Are there any affordable Metro Vancouver rent options?
While some cities are more expensive to rent in than others, many neighbourhoods offer a better deal. And, if you are okay with renting outside of Metro Vancouver, such as in Abbotsford, you will save you a fair chunk of change.
One-bedroom, unfurnished units average $1,684 in the Fraser Valley, making it the cheapest area to rent an apartment in the Lower Mainland.
Sadly, there aren't many places that offer rent below $2,000 a month anymore. For instance, the next best deal is South Surrey, where the units average $1,939. After that, another Surrey neighbourhood, Newton, has units averaging $1,971.
Langley's Willoughby neighourhood has the third-best deal, with units averaging $2,031. A third Surrey spot, Fleetwood, only averages a dollar higher.
Richmond rental prices tend to be high, but Steveston offers the best average pricing, at $2,199.
Folks keen on renting in the City of Vancouver won't find many affordable options. The best option is in the Marpole neighbourhood, where units average $2,274.
