Metro Vancouver rent prices show signs of slowing down heading into the spring.
As temperatures climb across the Lower Mainland, the price to rent a one-bedroom, unfurnished unit in the region has fallen by $42 to $2,337 in March. In February, renters were paying an average of $2,367 for newly-listed units, according to the latest report from Liv.rent.
Decreasing costs across the region marks a shift from two back-to-back increases in January and February. However, prices averaged $129 more than in March 2023, when the average one-bedroom, unfurnished unit went for $2,208 a month.
Liv.rent notes that tenants are spending less of their income on rent than they were in March 2023 (34.38 per cent vs. 38.04 per cent last year) "despite average rent prices increasing for both furnished (+0.36%) and unfurnished (+5.84%) one-bedroom units."
Despite declining costs, four of Canada's top five most expensive rental housing markets are in the region.
Some cities have also seen a striking increase in average costs. Coquitlam had the largest year-over-year increase, with prices for furnished one-bedroom units climbing by 19.8 per cent since March 2023 ($1,929 vs. $2,304). Also, the city had the largest year-over-year increase in searches relating to renting, up 26 per cent since 2023, according to liv.rent.
Metro Vancouver apartments for rent: Average rent by listing type
North Vancouver is the most expensive city in which to rent an unfurnished, one-bedroom in March 2024, with prices averaging $2,677 per month for newly-listed units. However, they have seen a significant month-over-month decline; prices averaged $ 2,802 in February, or $125 more (see third slide).
West Vancouver was the second priciest place in which to rent a one-bedroom unit, with prices averaging $2,561. Despite being an expensive city, its prices have also decreased, dropping $132 from $2,693 since February.
Vancouver proper was the third most expensive city in which to find an apartment in March, with prices averaging $2,531, down $111 from $2,642.
Canada's three most expensive cities are in Metro Vancouver, followed by Markham, Ontario in fourth, where its rentals averaged $2,434 this month.
Richmond was Canada's fifth-priciest city and the fourth-priciest in the Lower Mainland. Prices averaged $2,418, down just $18 from $2436 in February.
New Westminster saw prices increase across all unfurnished units, with one-bedroom units climbing to $2,301, two-bedroom units to $3,015, and three-bedroom units to $3,650.
Langley is still the cheapest city to rent in, with average prices dropping below the $2,000 mark to $1,905.
Vancouver rent by neighbourhood in March
Downtown Vancouver is the most expensive neighbourhood in the City of Vancouver, with prices for a one-bedroom, unfurnished unit averaging $2,815 (see fourth slide).
Mount Pleasant and West Point Grey/UBC tied for the second-priciest city, with their units both averaging $2,581
Kitsilano had the third most expensive rental prices, with units averaging $2,573.
Renfrew-Collingwood had the cheapest rent, with units averaging $2,175.
