Metro Vancouver rent prices have increased slightly in June following a decrease in May.
The average rent price for a newly listed, unfurnished, one-bedroom unit increased by $10, to a new average of $2,377, according to the latest report from liv.rent.
In May, renters paid an average of $2,367 for the same type of unit, while in April they paid $2,376 or only a dollar less than June's average.
While prices have changed slightly between months, they have been "more or less consistent" through the year, notes Liv.rent (see slide two).
On June 5, the Bank of Canada announced it would lower the target overnight rate, "which is cause for cautious optimism in terms of home and rent prices through the remainder of 2024," the rental company added.
But Metro Vancouver remains Canada's most expensive rental market, despite consistent pricing overall.
Markham, Ontario regularly appears in the county's top five most expensive cities. This month, only Lower Mainland cities are included in the list.
Metro Vancouver apartments for rent: Average rent by listing type
West Vancouver is Canada's priciest city to rent this June, with prices for newly listed, unfurnished one-bedroom units averaging $2,694. However, prices decreased slightly month-over-month, falling by $6 from $2,770 in May (see slide three).
North Vancouver is the second-priciest place to rent in the country, with its one-bedroom units averaging $2,682, down $35 from $2,717 in May.
The City of Vancouver is the third-most-expensive market, with its units listed for an average of $2,587, or a $15 increase from $2,572 in May.
Burnaby's units averaged $2,495, making it the fourth-priciest place to rent in the country.
Richmond rounded out the top five expensive cities, with its units averaging $2,431 in June.
Surrey had the lowest average rates for unfurnished one-, two-, and three-bedroom units. Prices for one-bedroom units averaged $2,032.
Langley typically offers the cheapest average rental prices but costs have climbed substantially since the start of 2024. Prices at the beginning of the year cost an average of $401 less, representing a 22.99 per cent increase in costs in five months, according to liv.rent.
Richmond was the only city that saw prices increase for both unfurnished one-, two-, and three-bedroom units (see slide four).
Vancouver rent by neighbourhood in June
West Point Grey/UBC is the most expensive neighbourhood to rent in the City of Vancouver in June, with newly-listed, one-bedroom unfurnished units averaging $2,901 in June (see slide five).
The same units in the city's downtown core rent for an average of $2,895 this month, making it the second-priciest area.
Shaughnessy's unfurnished, one-bedroom units cost an average of $2,831, rounding out the top three most expensive markets.
Fairview followed in fourth, with units averaging $2,624, while Kitsilano came fifth, with units averaging $2,577.
The same type of unit rents for an average of $2,169 in Vancouver’s cheapest neighbourhood, Sunset-Victoria Fraserview.
