Metro Vancouver rent prices have increased for a second time in 2024.
Following three consecutive months of decreases, prices for newly-listed one-bedroom, unfurnished units increased across the region, climbing $26 to $2,367 in January. Prices rose again this month, increasing $12 to a new average monthly rate of $2,379, according to the latest report from Liv.rent.
Despite the recent increases, the region’s rental rates remain just below October’s levels, when prices ballooned up to an average of $2,406.
Last month, four of Canada's top five most expensive rental markets were located in the Lower Mainland. Now, all of the top five priciest markets are located in the region.
Metro Vancouver apartments for rent: Average rent by listing type
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. Prices on all types of units increased this month over last.
Formerly the most expensive market in Canada, West Vancouver is now the second-priciest city in the country, with units averaging $2,693. Previously, its one-bedroom, unfurnished unit cost an average of $2,819 to rent in January.
Vancouver proper was the third-priciest place to rent an apartment this month, with its units averaging $2,642. While the average cost increased this month over, last, it was only by a modest $15.
Burnaby and Richmond followed in fourth and fifth, with units averaging $2,437 and $2,436 per month, respectively.
The cheapest city to rent in this month was Langley, with prices averaging $1,859. It was also the only city in the region that saw a "negative year-over-year change in its average rent prices" for unfurnished one-bedroom units.
"This suggests that recent bylaw changes aimed at encouraging affordable housing projects and reducing rent for tenants may be starting to pay off," notes Liv.rent.
Vancouver rent by neighbourhood in February
Locals looking for cheap rent in Vancouver proper will want to avoid the Dunbar-Arbutus neighbourhood, where prices have climbed to an average of $3,004 for an unfurnished, one-bedroom unit.
The next most expensive area to rent an apartment is the Downtown Vancouver area, with prices climbing to $2,840. However, prices decreased this month over last, falling by $242 from $3,082.
The third-priciest place to rent is the West Point Grey/UBC area, where prices average $2,775.
On the other end of the spectrum, renters looking for affordable options should consider the Renfrew-Collingwood neighbourhood, where rentals average $2,235.
