Metro Vancouver rent prices have dropped this April after increasing slightly in March.
The price for an unfurnished, one-bedroom rental unit decreased by $28 from $2,306 to $2,278 this month, according to the latest report from liv.rent.
All five of Canada's most expensive cities are located in Metro Vancouver this April. Typically, Markham in Ontario appears on the list.
Liv.rent notes that "average prices have decreased for all types of unfurnished units in Vancouver, Surrey, Langley and North Vancouver. This trend was not mirrored for furnished units. Vancouver and Langley actually saw prices increase for one-, two- and three-bedroom furnished units this April."
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver remains the most expensive place to rent a newly listed unfurnished, one-bedroom unit, despite average prices for newly listed, one-bedroom units dropping by over $200 in April. Prices for these units averaged $2,595, up $269 from $2,864 in March. The city is also the most expensive place to rent a two- or three-bedroom unit, averaging $3,561 and $4,297, respectively.
North Vancouver continues to rank as the second-priciest rental market, with the same units averaging $2,528 (down from $2,609 last month).
The City of Vancouver is the third most expensive market, with its one-bedroom units averaging $2,432. These prices were also down from last month's average of $2,460.
Coquitlam has cracked the top five most expensive cities list for the first time this year, with its one bedrooms averaging $2,369. Richmond rounded out the top five, with its units averaging $2,343.
Renters looking for the most affordable options will have the best luck in Surrey, with one-bedroom rental units averaging $1,857, two-bedroom units averaging $2,331, and three-bedroom units averaging $2,896.
Liv.rent notes that the average Metro Vancouver rent for a "furnished one bedroom is now $2,491, $213 higher than unfurnished units, which cost $2,278. This is a big jump from March, when the gap was just $47."
Vancouver rent by neighbourhood in April
Downtown Vancouver continues to rank as the city’s most expensive neighbourhood, with an unfurnished one-bedroom unit renting for an average of $2,718.
West Point Grey/UBC is the second-priciest neighbourhood in the city, with rental units averaging $2,663. Mount Pleasant had the third-priciest units, averaging $2,561.
Shaughnessy and Kitsilano rounded out the top five priciest areas, with units averaging $2,369 and $2,366.
The same type of unit rents for an average of $2,119 in Vancouver’s cheapest neighbourhood, Sunset-Victoria-Fraserview. However, prices in the most affordable neighbourhood were significantly lower last month at $1,931.
