Vancouver rent prices have increased this April following an overall decrease in March.
The average price of an unfurnished, one-bedroom unit in Metro Vancouver rose by $39 (+1.68%) between March and April, climbing from $2,337 to $2,376, according to the latest report from liv.rent.
Furnished one-bedroom units saw a striking rise — shooting up $251 (+10.05%) month over month.
Since April 2023, Metro Vancouver’s average rate for a one-bedroom, unfurnished unit has increased by $113.
Liv. rent highlights how "it will be interesting to monitor this trend as new short-term rental regulations come into effect May 1, which should return many former short-term rentals to the long-term market."
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver is now the priciest place to rent an apartment in Metro Vancouver.
West Vancouver had the highest average rent prices for one-, two-, and three-bedroom unfurnished units this month. Renters can expect to pay an average of $2,733 for a one-bedroom unfurnished unit this April, up from $2,561 last month.
West Vancouver also had the highest prices for furnished, one-bedroom rents, with units averaging an eye-watering $3,431. However, this price remained flat month-over-month.
North Vancouver's prices weren't much lower than those in West Vancouver, with one-bedrooms averaging $2,709, an increase from an average of $2,677 in April.
The City of Vancouver's average rental prices for one-bedroom, unfurnished units increased to $2,562 this month, up from $2,531 in March.
Burnaby wasn't far behind Vancouver this month, with prices averaging $2,505.
Metro Vancouver's top four most expensive cities are also the top four priciest in Canada, followed by Markham, Ont. in fifth.
Richmond rounded out the top five priciest places, with units averaging $2,401.
Liv.rent notes that "average rent prices for unfurnished three-bedroom units fell in all municipalities except for Surrey this month."
Langley had the lowest average rent prices for unfurnished one- and three-bedroom unfurnished units, in addition to two-bedroom furnished units.
Vancouver rent by neighbourhood in April
Downtown Vancouver is the city’s most expensive neighbourhood, with an unfurnished one-bedroom unit renting for an average of $2,840.
The same type of rent units are rented for $2,746 in West Point Grey/UBC and $2,634 in Kitsilano.
In Mount Pleasant, renter hopefuls can expect to pay an average of $2,615.
The same type of unit rents for an average of $2,127 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview.
